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Beta Foods began operations on January 1, Year 1. Below are the transactions for the first year: Transaction # Date Transaction Description Amount 1 Jan

Beta Foods began operations on January 1, Year 1. Below are the transactions for the first year:

Transaction #

Date

Transaction Description

Amount

1

Jan 1, Y1

Issued common stock for cash

$120,000

2

Jan 15, Y1

Purchased kitchen equipment for cash

$35,000

3

Feb 5, Y1

Purchased raw ingredients on account

$20,000

4

Mar 1, Y1

Paid cash for labor

$45,000

5

Apr 10, Y1

Produced food items (cost: $50,000)

-

6

Jun 1, Y1

Sold food items for cash (cost: $45,000)

$70,000

7

Sep 1, Y1

Paid cash for utilities

$5,000

8

Dec 31, Y1

Paid cash dividends to shareholders

$10,000

Required:

  1. Record the transactions in the general journal.
  2. Prepare the unadjusted trial balance as of December 31, Year 1.
  3. Prepare the adjusted trial balance after considering necessary adjustments.

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