ABC Horizon UNIT 10: Recording Financial Transactions Case 1 Sr. Lecturer: SAMER SHEIKH HAMDO Doris Stewart started her practice as a design consultant and merchandise business on September 1, 2022. During the first month of operations, the business completed the following transactions: Sep 1 Received $150,000 cash and gave capital to Stewart. 4 Purchased supplies, $2,000, and furniture, $4,000 on account. 7 Paid $40,000 cash to acquire land for a future office site. 10 Performed service for a hotel and received its promise to pay the $3,000 within one month. 14 Paid for the furniture purchased September 4 on account. 17 Received cash on account, $800. 18 Prepared a design for a school on account, $1000. 19 Paid secretary's monthly salary, $950. 20 Paid rent expense, $850. 21 Purchased inventory on credit terms of 5/10,n/30,$15,000. 22 Returned half the inventory purchased on September 21. It was not the inventory ordered. 23 Sold goods for cash, $2,200 (cost, $1050 ). 25 Sold inventory on credit terms of 5/20,n/30,$4,500 (cost, $2,200 ). 26 Paid the amount owed on account from September 21. Requirements 1. Record each transaction in the journal, using the account titles given. Key each transaction by date. 2. Post the transactions to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. 3. Prepare the trial balance of Doris Stewart, Designer, on September 30, 2022