Financial Accounting- Exam #4 Problem #1: Strand Corp is just starting business and had the following transactions: 1. Invested $400,000 into the business in return for No Par Common Stock 2. Sold $200,000 worth of services, 60% on account, 40% for cash 3. Purchased supplies inventory on account, $15,000 4. Purchased new computer system for $20,000, borrowed 50% from the bank, the remainder paid in cash 5. Collected $75,000 from customers previously sold to on account 6. Paid the following expenses: wages $65,000, utilities $10,000, rent $25,000 7. Paid $20,000 of insurance in advance 8. Paid the bank 50% of what was owed to them REQUIRED: 1. Make the Journal Entries (debits/credits; no explanations necessary) -32pts 2. Post entries to Ledgers ("T" accounts) and calculate ending balances in the accounts -8pts 3. Prepare a Trial Balance (with final totals) -10pts