Module $02$ Accounting Cycle Part I Taylor$$s Creative Design PART $1$ You are an employee at a full$-$service bookkeeping and auditing firm called Accounting Solutions. You have just started doing general bookkeeping services for clients when your manager introduces you to your new client, Taylor Jones. Taylor is graduating with a degree in digital design. She requests help setting up and keeping the books for a new company, Taylor$$s Creative Design. Taylor will hire a CPA to file all tax forms and apply for a tax ID number with the IRS. You will keep the books and send them to the CPA and Taylor monthly. Taylor has already created a chart of accounts, numbering her account categories as follows: Assets $100$ Liabilities $200$ Stockholders$$ equity $300$ Revenue $400$ Expense $500$ Review the chart of accounts tab in the spreadsheet template and familiarize yourself with the accounts to be used in this problem. Next, Taylor numbered the accounts within the categories, leaving numbers open for possible future needs to add accounts. You will not need to add new accounts for this problem. After Taylor$$s Creative Design$$s first month of operations, Taylor delivers to you a stack of invoices, check stubs, receipts, and her first VISA$-$Business bill. You must decipher these to enter them into the accounts. After sorting through the source documents, you have made a list of transactions for the first month, April. Required for the accounting cycle part one assignment, you will complete the following tasks: $1.$ Journalize the April transactions in a journal. $2.$ Post the journal entries to the T$-$accounts. $3.$ Create an Unadjusted Trial Balance List of April Transactions April $1.$ Taylor invested $$15,000$ in the company, resulting in her receipt of common stock. April $2.$ Taylor purchased from Best Buy a computer, printer, monitor, and software for $$5000$ on account. She procured a $12-$month, no interest credit arrangement and will make monthly payments to Best Buy. You decide this will all be categorized as equipment since it will be used for several years in the business. April $3.$ Taylor set up a credit account with the Office Supply Store for supplies and purchased supplies including, printer paper and ink for the printer for $$250$ on account. Taylor gave you the invoice, but she does not have to make a payment until the end of the month. April $4.$ Taylor purchased a comfortable desk chair from a department store for $$325,$ paying cash. You decide this will be classified as equipment. April $7.$ Taylor decided to develop a logo and other advertising materials for her car and customers. She had them printed and had her car painted with the new logo$.$ Taylor paid $$300$ cash for the advertising. You decide this will be expensed in the current month. $($Hint: Since this is advertising that will all be expensed in the current month, what is the correct account to use?$)$ April $8.$ Taylor negotiated a business transaction with a local restaurant $($Charley$$s$)$ who is just opening. She has contracted with them to work on a logo$,$ menu, and flyers for the restaurant. The restaurant owner made a $$200$ cash down payment to Taylor to be used against the first month$$s bill. Taylor will bill Charley$$s Restaurant monthly based on her hours worked on the account. $($Hint: Taylor hasn$$t done any work yet; she has only agreed to do work in the future for the restaurant. The agreement means she has an obligation to either do the work or give the money back.$)$ April $9.$ Taylor designed a flyer for a local bakery and was paid cash of $$230$ for her work. April $12.$ Taylor designed an album cover for a friend who is a drummer in a local band. She was paid $$800$ cash for her work. April $14.$ Taylor designed some Point$-$of$-$Sale material for CO$-$OP Deli. She sent them an invoice for $$600$ for her work due on the last day of the month. April $22.$ Taylor set up a subscription account to purchase stock photos for artwork to be used in her design work for $$300.$ This is a prepaid asset until Taylor uses the photos. $($Hint: This transaction will use the two following accounts: Cash and Prepaid Photo Subscriptions. You decide how they will be affected.$)$ April $23.$ Taylor designed and set up a website, email account, etc., for herself. She paid $$480$ to register everything and will expense $$40$ per month against this amount. $($Hint: Taylor is paying for advertising for a full year today but will only $$use up$$ $$40$ of that amount each month$-$the $$40$ figure is related to one of the adjusting entries in Part $2$ and will not be used in this transaction. It$$s extra information right now.$)$ April $24.$ Taylor wrote a check to herself to cover personal living expenses in the amount of $$1,200.($Remember$,$ when the stockholders receive money from the business, it is called a dividend. Taylor doesn$$t get to call her personal costs business expenses$-$ that would be a violation of the business entity concept.$)$ April $30.$ Taylor made her first monthly payment on the computer to Best Buy in the amount of $$352.($Hint: This is o