The following T-accounts contain numbered entries for the May transactions of the Upland Corporation, an architectural firm, which opened its offices on May 1:

Required

a. Give a description of each of the 10 numbered transactions entered in the above accounts. Example: (1) Upland Corporation issued common stock for cash, \(\$ 50,000\).

b. The following trial balance, prepared for Upland Corporation as of May 31, contains several errors. Itemize the errors, and indicate the correct totals for the trial balance.

Transcribed Image Text:

Cash (1) 50,000 1,610 (4) (5) (10) 5,200 5,950 1,000 (7) (8) 58 1,000 Accounts Payable 440 1,280 290 (3) (8) Accounts Receivable Common Stock (6) 8,750 5,200 (10) 50,000 (1) Supplies Professional Fees Earned (3) 1,280 440 (5) 8,750 (6) (2) Office Equipment 5,000 Rent Expense (4) Notes Payable 5,000 (2) (9) 1,610 Utilities Expense 290 Salaries Expense 5,950