Two employees have been hired at a monthly salary of $2,300 each. One will start January 1st, and the second will start January 16th.

1. Record Journal entries for the transactions dated January 1-25 of the current year on the journal entry form (seperate tab)

2. Create a T-account for every account used to date by MBC on the T-account tab (There are extra). Correctly post any beginning balances.

3. Using the math functionality in Excel/Sheets, calculate the correct SUBTOTAL balance for each T-account.

Jan The following transactions occurred during January of the current year. 1 Paid 12 months insurance starting January 1,$5,100. 2 Paid 9 months rent starting January 1,$3,600. 3MBC borrows $36,000 cash from National State Bank at 6% annual interest; this note is payable in two years. 4 A new oven is purchased using cash. The total cost was $24,000. 5 Stockholders contribute $7,000 of additional cash to MBC for its common stock. 6 Additional supplies costing $1,100 are purchased on account and received. 7 Accounts receivable of $600 is collected from December sales. 8 Accounts payable of $200 is paid from December purchases. 9 Performed services for customers on account, sending invoices totaling $10,900. 10 Performed services for customers totaling $7,500 who paid in cash. 16 Salaries totaling $1,150 were recorded and paid for the first half of the month. 20MBC received $3,800 from a customer for an advance order for services to be provided later in Jan \& Feb. 25 Accounts receivable of $4,800 is collected from customer on account from January 9. GENERAL JOURNAL PAGE Macro Baking (MBC) was organized late last year and had minimal activity in the first year. At the beginning of the second year, MBC had the following balance sheet: Macro Baking Corp Balance Sheet At Jan 1, 2023