Part $1$ Regular Transactions

The following transaction occurred for Zeta$-$Z Video Game Supplies during the period ended $12/31/$x$1.$ They provide services to customers and sell products.

March $1$ The company was formed with $3,500,000$ shares authorized $$ no par value. March $20$ The company issued $250,000$ shares of $($no$-$par value$)$ stock at $$1\mathrm{.}50$ a share stock. April $7$ Created a unique game chair $$ applied for a patent $$ legal costs were $$8,000.$

April $28$ Found a close out deal and purchased two years of office supplies for $$5,200$ on account.

May $1$ Purchase a cash register, counter, and some shelving for the store with a Note Payable of $$90,000$ due in $5$ years. The company used the straight$-$line method for depreciation. The note requires annual principal payment of $$18,000$ and has an interest rate of $3\%.$

May $10$ Purchased video game for inventory for $$105,000$ on account. The company uses the FIFO method under a perpetual system to account for inventory

May $31$ Purchase two parcels of land for $$95,000-$ Parcel A was $$80,000$ and Parcel B was

$$15,000.$ Parcel A was used to build a storage facility. Parcel B is next door to the store. The intention is to have extra land to build a parking lot one day, but the owner does not have any immediate plans to start building.

June $1$ Purchased two years of Insurance for $$18,000.$

June $26$ Sold some video games to a customer for $$15,000.$ Inventory had a cost of $$7,600.$

The customer paid $$9,000$ cash and the rest on account.

July $7$ Sold vintage video game systems to a customer for $$56,000$ to a customer for cash.

Inventory had a cost of $$36,400.$ July $26$ Paid employee wages of $$9,800.$

August $9$ A customer gave the store a deposit of $$12,000$ for to have several retro video games systems repaired. It was uncertain if all the needed parts could be located so no promises were made but the store said they would try and took the money.

August $17$ Customer purchased $$18,000$ of video games on account. Inventory had a cost of

$$9,700.$

Sept $10$ Invested $$23,000$ of excess cash in securities $$ intend to hold them for several years.

Sept $21$ Collected $$12,000$ from a customer that owed you money for goods previously purchased.

Sept $29$ Sold one of the shelving units purchased on May $1$st$.$ The shelf cost $$5,200$ and was sold for $$3,800.$

Oct $1$ Landlord offered a big discount so paid one year of store rent for $$14,400.$

Oct $19$ Received a dividend check on investments of $$2,200$

Nov $8$ Received a utility bill for $$3,400$ for utility services received. $($Paid on account$)$ Nov $27$ Paid $$19,500$ of the amount owed for supplies.

Dec $15$ Paid dividend to shareholders of $$10,000.$

Chart of Accounts $($You can add additional accounts as needed$)$

$100$ Cash $300$ Common Stock

$110$ Account Receivable $310$ Retained Earnings

$120$ Inventory $320$ Dividends

$125$ Supplies $400$ Service Revenue

$130$ Prepaid Insurance $410$ Dividend Income

$140$ Prepaid Rent $450$ Gain on Sales

$150$ Marketable Securities

$160$ Equipment $500$ Cost of Goods Sold

$165$ Accumulated Depreciation $510$ Salary Expense

$170$ Land $515$ Rent Expense

$175$ Land $$ held as investment $520$ Utilities Expense

$180$ Patent $530$ Depreciation Expense

$190$ Interest Receivable $540$ Insurance Expense

$200$ Account Payable $550$ Supplies Expense

$220$ Salary Payable $560$ Income Tax Expense

$230$ Utilities Payable $570$ Interest Expense

$240$ Unearned Revenue $590$ Loss on Sale $250$ Note Payable

$260$ Taxes Payable $270$ Interest Payable

Part $1$ Instruction

You will prepare the following in excel:

$1.$ General Journal

a$.$ Journal entries $$ full proper journal entry with descriptions

b$.$ Post entries to ledger

$2.$ Ledger $$ T accounts

a$.$ Show beginning balance

b$.$ Post all activity $$ make sure to include reference to journal entry

c$.$ Show ending balance

$3.$ Trial Balance

a$.$ Unadjusted Trial Balance