The following T-accounts contain numbered entries for the May transactions of Carol Miller, a market analyst, who opened her business on May 1:

Required

a. Give a description of each of the nine numbered transactions entered in the above T-accounts. Example: (1) Carol Miller invested \(\$ 13,000\) of her personal funds in her business.

b. The following trial balance, prepared from Miller's data as of May 31, contains several errors. Itemize the errors and indicate the correct totals for the trial balance.

Transcribed Image Text:

Cash (1) 13,000 4,800 (9) 3,150 810 1,950 (6) 600 2468 (2) (4) (8) Accounts Receivable (9) (8) (5) 6,400 3,150 Office Supplies (3) 3,100 Office Equipment (2) 4,800 (4) Accounts Payable (6) 1,950 3,100 355 37 (3) (7) (7) Common Stock 13,000 (1) Dividends 600 Professional Fees Earned 6,400 Rent Expense 810 Utilities Expense 355 (5)