The Accounting Cycle - During the Period: You and your classmates have recently been hired as the new accounting team for King Toot's, Ltd., a firm that provides music lessons to customers. King Toot's General Ledger shows beginning balances as of April 1st, 2023 as follows: Cash \$71,230; A/R. \$56,770; Supplies \$2,000; A/P \$41,800; Common Stock \$20,000; Retained Earnings $68,200. From source documents (invoices, bills, receipts, etc.) obtained from King Toot's CEO, you and your team determine that the following transactions occurred during April 2023: - April 1st: Obtained a $56,000 loan from the bank, signing a note payable. - April 1st: Purchased $16,200 of equipment, paying cash. - April 7th : Provided a total of $55,250 worth of music lessons to customers. Customers paid $6,100 in cash, and the remaining $49,150 worth of the lessons were provided on account. - April 10th : Paid $23,870 in cash to creditors on existing accounts payable. - April 15th : Received $920 cash in advance from a customer for 10 lessons which will be provided at a later date. - April 19th : Paid workers $25,400 in cash for April 2023 wages. - April 20th : Received $37,900 in cash from customers on their accounts receivable. - April 25th : Declared and paid cash dividends of $95. - April 28th : Purchased $750 worth of additional supplies on account. - April 29th: Paid $3,050 total in cash for April 2023 rent ($2,000) and utilities ($1,050). INSTRUCTIONS - Working together as part of a small team of classmates, please complete PART I and PART II below. PART I: For each transaction: A. identify the accounts and elements affected. B. Analyze the effect on each account/element and on the Accounting Equation C. Check that the Accounting Equation is still in balance. D. Record Journal Entries in the General Journal (NOTE: for each entry, you must show proper journal entry formatting, and also include the date and a brief description of the entry). E. Post information from the Journal Entries to the proper T-Accounts in the General Ledger (don't forget to calculate unadjusted ending balances for each account!). A General Ledger template for this firm has been provided for you on the next page, with beginning balances added in as given above. PART II. Prepare an unadjusted Trial Balance: Prepare the Unadjusted Trial Balance for King Toot's as of 4/30/2023 listing accounts in the following order: Assets, Liabilities, Common Stock, Retained Earnings, Revenues, Expenses, and Dividends. Be sure to include a proper heading (i.e. firm name, name of schedule/report, 'as of' date) for your Trial Balance