XYZ Bakery commenced its operations on January 1, 2024. The following transactions occurred during the month...

 

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XYZ Bakery commenced its operations on January 1, 2024. The following transactions occurred during the month of January: 1. January 1: The owner invested $10,000 cash in the business. 2. January 5: Purchased banking equipment for $5,000 cash. 3. January 10: Sold baked goods to customers for $3,000 cash. 4. January 15: Paid $1,200 for rent expense. 5. January 20: Purchased additional banking supplies on credit for $800. 6. January 25: Received $2,500 cash from customers for goods sold on January 10. 7. January 30: Paid $500 for utility expenses. Based on the given scenario, perform the following tasks: 1. Journalize the transactions. (1 point for each; total possible points for this part is 7.) 2. Post the transactions to T-accounts or general ledger accounts. (1 point for each; total possible points for this part is 7.) The balance must be included for each to receive full credit for your response. See the video posted on T-accounts and General Ledgers of necessary. Use the Excel worksheet attached to this assignment to complete this question. Upload your submission for this question in PDF format only. Gentle Reminder, I will not grade Google Documents in any Format. 3. Prepare a trial balance as of January 31, 2024. (1 point for each; total possible points for this part is 7.) XYZ Bakery commenced its operations on January 1, 2024. The following transactions occurred during the month of January: 1. January 1: The owner invested $10,000 cash in the business. 2. January 5: Purchased banking equipment for $5,000 cash. 3. January 10: Sold baked goods to customers for $3,000 cash. 4. January 15: Paid $1,200 for rent expense. 5. January 20: Purchased additional banking supplies on credit for $800. 6. January 25: Received $2,500 cash from customers for goods sold on January 10. 7. January 30: Paid $500 for utility expenses. Based on the given scenario, perform the following tasks: 1. Journalize the transactions. (1 point for each; total possible points for this part is 7.) 2. Post the transactions to T-accounts or general ledger accounts. (1 point for each; total possible points for this part is 7.) The balance must be included for each to receive full credit for your response. See the video posted on T-accounts and General Ledgers of necessary. Use the Excel worksheet attached to this assignment to complete this question. Upload your submission for this question in PDF format only. Gentle Reminder, I will not grade Google Documents in any Format. 3. Prepare a trial balance as of January 31, 2024. (1 point for each; total possible points for this part is 7.)

Answer rating: 100% (QA)

Here are the journal entries for the transactions 1 Jan ... View the full answer