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need help with this accounting problem Sunny Valley Stables Inc. was established on Aprll 1. The company provides stables, care for animals, and grounds for
need help with this accounting problem
Sunny Valley Stables Inc. was established on Aprll 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant financial controller. The following transactlons for April are provided for your revew. a. Recelved contributions from five investors of $290,000 in cash ( $58,000 each). b. Bult a barn for $178,000; pald half the amount in cash on April 1 and signed a three-year note payable for the balance. c. Provided $17,060 in animal care services for customers, all on credit. d. Rented stables to customers who cared for their own animals; recelved cash of $14,820. e. Recelved from a customer $1,950 to board her horse In May, June, and July (Record as Deferred Revenue). f. Purchased hay and feed supplies on account for $3,660. g. Pald $1,020 in cash for water utillties incurred in the month. h. Pald $1,970 on accounts payable for previous purchases. L. Recelved $1,180 from customers on accounts recelvable. J. Paid $4,720 in wages to employees who worked during the month. k. At the end of the month, prepald a two-year Insurance policy for $4,320. I. Recelved an electric utility bill for $1,380 for usage in Aprili; bill will be pald next month. Required: 1. \& 2. Record In the T-accounts the effects of each transaction for Sunny Valley Stables In April, referencing each transaction In the accounts with the transaction letter. All accounts begin with zero balances. Show the unadjusted ending balances In the T-accounts. 3. Prepare an unadjusted trial balance as of April 30Step by Step Solution
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