Question
The test is divided into three sections: 1. Journalizing transactions (50%) 2. Using T-accounts (30%) 3. Producing an Unadjusted Trial Balance (20%) 1. (50%) Using
The test is divided into three sections: 1. Journalizing transactions (50%) 2. Using T-accounts (30%) 3. Producing an Unadjusted Trial Balance (20%) 1. (50%) Using the Journal explained in class, please journalize the following transactions: Nov. 1 John Smith invested 20,000 cash in his new business called Goldsmith Nov. 2 Goldsmith bought a computer using 1,000 cash Nov. 3 Goldsmith bought supplies for 5,000 to be paid in the near future Nov. 4 John Smith withdrew 2,000 cash from Goldsmith for his personal use Nov. 5 Goldsmith paid 1,000 cash for renting a location Nov. 6 Goldsmith hired a new office assistant Nov. 7 Goldsmith received revenues for 3,000 cash Nov. 8 Goldsmith paid 2,500 cash for the supplies bought on Nov. 3 Nov. 9 Goldsmith asked a loan to the TD Bank Nov. 10 TD Bank loaned Goldsmith 10,000 cash Nov. 11 Goldsmith paid 700 cash for the first installment of the loan like this: 500 for interest, and 200 for capital. Nov. 12 Goldsmith paid the utilities bill for 200 cash Nov 15 Goldsmith paid the wage to the office assistant for 1,000 cash Nov. 19 Goldsmith bought a new software for the business for 3,000 cash Nov. 21 Goldsmith provided services to a customer for 5,000, the customer agreed to pay in the future Nov. 23 The customer that was owing money to Goldsmith makes a payment of 1,000 cash Nov. 24 John Smith buys a car for 5,000 cash for his personal use Nov. 25 Goldsmith buys supplies for 2,000 cash Nov. 28 Goldsmith receives 3,000 cash for services provided to customers Nov. 30 Goldsmith pays 1,000 cash to the office assistant for his wage. 2. (30%) Based on the transactions from question 1, please create the corresponding T-accounts for each of the accounts used in the previous question. Please make sure you find the balance of each T-account. 3. (20%) Based on the balances of the T-accounts found in question 2, please build an unadjusted trial balance for Goldsmith for November 2019, please make sure that the accounts are listed in the following way: First, the assets, then the Liabilities and then the Owners Equity.
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