Your task is to complete the following Textbook Exercises: Analyzing Business Transactions M2-9 p.78 Journalising Business Transactions M2-10 Posting to T-Accounts M2-11 Prepare a Trial Balance based on M2-11 Key in your answers to the spreadsheet attached. A discussion forum is provided for each group to discuss your approach and proposed answers. You may assign a team leader if you wish. The list of group members is posted in the respective forum. Only ONE member is required to submit the completed spreadsheet on behalf of the group. Make sure you complete the list of members who contributed in Sheet 1 of the spreadsheet. Rename the file with the filename: Group Name- Week 3 Assignment e.g. Section 1A- Week 3 Assignment Good luck and let me know if you have questions. ** Groupings in a forum will be opened with the list of your members. 78 C H A P T E R 2 The Balance Sheet 3. The company lent $550 to an employee. 4. Toro ordered supplies from Office Depot to be delivered next week. 5. Six investors in Toro sold their stock to another investor. 6. The company borrowed $2,500,000 from a local bank. M2-8 Identifying Events as Accounting Transactions Half Price Books is the countrys largest family-owned new and used bookstore chain. Do the following events result in a recordable transaction for Half Price Books? Answer yes or no for each. 1. Half Price Books bought an old laundromat in Dallas. 2. The privately held company issued stock to new investors. 3. The company signed an agreement to rent store space in Columbia Plaza near Cleveland. 4. The company paid for renovations to prepare its Seattle store for operations. 5. The vice president of the company spoke at a literacy luncheon in Indiana, which contributed to building the companys reputation as a responsible company. M2-9 Determining Financial Statement Effects of Several Transactions For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. a. (Sample) Borrowed $3,940 from a local bank on a note due in six months. b. Received $4,630 cash from investors and issued common stock to them. c. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year. d. Paid $300 cash for supplies. e. Bought and received $700 of supplies on account. LO 2-2 Half Price Books LO 2-2 Assets = Liabilities + Stockholders Equity a. Sample Cash +3,940 Notes Payable (short-term) +3,940 M2-10 Preparing Journal Entries For each of the transactions in M2-9 (including the sample), write the journal entry using the format shown in this chapter (omit explanations). M2-11 Posting to T-Accounts For each of the transactions in M2-9 (including the sample), post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero. LO 2-3 LO 2-3 Cash (A) Equipment (A)Supplies (A) Accounts Payable (L) Notes Payable (L) Common Stock (SE) M2-12 Reporting a Classified Balance Sheet Given the transactions in M2-9 (including the sample), prepare a classified balance sheet for Spotlighter, Inc., as of January 31. M2-13 Identifying Transactions and Preparing Journal Entries J.K. Builders was incorporated on July 1. Prepare journal entries for the following events from the first month of business. If the event is not a transaction, write no transaction. LO 2-4 LO 2-3