Question 1: Moon company starts her new business as a corporation named New Light Learning, Inc. During the first month of operations the business completed the following transactions:

1) Record the preceding transactions in the journal of Cookie Lapp Travel Design, Inc. [15 marks].

2) Post to the ledger. [15 marks].

3) Prepare the trial balance of New Light LEARNING, INC. at Dec 31, 2019. [10 marks].

JUN 01 New Light Learning received $50,000 cash from Sheena Bright and issued common stock to her.

02 New Light Paid $30,000 cash for land

04 New Light purchased $1500 of office supplies on account agreeing to pay within 30 days.

07 New Light collected cash of $9,000 for service revenue that she earned by providing travel services for clients.

12 New Light performed service for clients and lets then pay later. She earned $5,000 of service revenue on account.

14 New Light paid the following cash expenses Office rent, $1,500; Employee salary, $2,000.

20 New Light paid $600 on the account payable created in transaction 3.

21 New Light collected $4,000 cash from the client in transaction 5.

23 The business paid cash dividends of $7,000 to Moon company, the stockholder.

Aug 1 New Light pays three month office rent $4,000 in advance

1 New Light paid employee salaries of $2,500

1 New Light learning purchased a building $80,000 in exchange of note payable

2 New Light Learning received contribution of furniture $22,000 from Moon company and issued common stock to her.

14 New Light received a telephone bill for $200 and will pay this expense next month.

14 New Light paid employee salaries of $1,700

20 A law firm engages New Light to provide e-learning services and agrees to pay $800 in advance.

27 New Light collected cash of $10,000 for service revenue that she earned by providing travel services for clients.