Nick deposited $4,000 into a business bank account for MM, commencing operations on Jan 7.

It has been a busy three months. Hes done a lot of work, but didnt know how to record anything, so mostly you are going to be looking at receipts and sheets of paper that Nick placed in a shoebox.

It is now April 10; Nick would like your advice in helping his to determine whether he can leave the sporting goods store to run MM full time. In addition to the transactions info in the shoeboxes, Nick informs you that he might apply for a business loan of $25,000 and has been told by his banker that he needs a set of financial statements. The banker told his that the books should be closed as of March 31; that will be the end of business fiscal year.PART 1:

1. Journalize the transactions.
2. Post the entries to T-accounts; compute the ending balance for each account.
3. Post the ending balances to Unadjusted Trial Balance columns of the worksheet.