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Exercise I. 1. Create journal entries for the following transactions; 2. Draw up a T-account...

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Accounting

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Exercise I. 1. Create journal entries for the following transactions; 2. Draw up a T-account for each account affected by transactions; 3. Calculate ending balances for all T-accounts. All accounts have zero beginning balance as of January 1. 4. Prepare an unadjusted trial balance. Transactions: January, 1: Student Co. received fees eamed from customers, $20,000; January, 2: Purchased office equipment on credit, \$45,000; January, 3: Received utilities bill, \$2,700; January, 6 : The owner invests $270,000 cash into business; January, 8: Purchased office supplies on account, \$2,500; January, 9: Purchased land for a future building site, $80,000; January, 13: Paid office rent for one month, $15,500; January, 16: Received cash $4,100 from a customer for interest eamed; January, 19: The owner withdraws $3,000 from the business; January, 20: Purchased inventory, $11,000; January, 21: Paid creditors on account, $5,500; January, 24: Paid tax expense, $5,000; January, 25: Services provided on account, $23,000; January, 28: Paid creditors on account, $20,000; January, 29: Paid salaries, \$23,900. January 30, Received 510,000 on account from castomers. Ledger Add more T-accounts if needed

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