12 12 Prepare and upload responses to the following discussion questions and problems. Your answers may be completed by hand and scanned in as a pdf file, or in Word, or in Excel (note only word files, excel files or pdf files can be accepted for your submission). Feel free to use the discussion forum or email your Professor at moston@oaklandcc.edu with any questions, confusion, or problems on this assignment. Your solution is due before 9/4/22 at 11:00 pm. Problem Recording effects of transactions, T-accounts, and Trial Balance Marc Meadows started a corporation called Meadow Works, a Livonia based landscaping business at the end of last month. You have been hired as a bookkeeper for the corporation and have been assigned the following tasks. 1. Prepare general journal entries to record the transactions of Meadow Works for this month by using the following accounts: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Common Stock; Dividends; Services Revenue; and Rent Expense. a. Marc Meadows funded the business by investing $26,500 cash in the company in exchange for common stock. b. C. The company purchased supplies for $650 cash. Equipment was purchased on credit for $15,000. 2. d. We provided services to a customer and received cash of $6,500. e. We paid the amount owed from the purchase of equipment in entry c. f. g. h. We provided services for a customer for $6,000, the customer will pay us in 30 days. The monthly rent of $520 was paid in cash. The customer in transaction f paid us $1,469 cash as partial payment for the account receivable. i. The company paid a $1,100 cash dividend to the owner (he is the only shareholder) Post entries to T-accounts and calculate the ending balances. (Note: every account needs to have an ending balance, even those with just one entry. The ending balance in cash should be a debit of $17,199). 3. Prepare a trial balance. Please remember headings. Your totals should be $39,000. Short answer questions. Answer the following questions in your own words. Feel free to look them up in the book but please re-word them in your own words to show you understand what you are saying - I advise against googling answers for this class because not all internet answers are in the same format or use the same terminology as your author, and that is why I suggest you look them up in your text or listen for the answers in the lecture videos. Always answer these types of questions in complete sentences and paragraphs. 1. What is the difference(s) between a note payable and an account payable? 2. Why do you think companies prepare trial balances? 3. Companies always list a time period (month ended....year ended) on the income statement. Why do you think it is important to do this?