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Assignment 1 [CLO: 2 & 3] (15 marks) Deadline: Submit electronically through Turnitin before mid-term exam (9th November 2016) Transaction analysis: Read and analyze the following transactions below and prepare the following requirements: a.       Journal Entries and Ledger (T- Account) (10 marks) b.      Trial Balance (2 marks) c.       Balance Sheet (3 marks) The T & J Company engages in the following activities during Year 1. 1.      February 2, Initial investment of $300,000 in the business 2.      February 20, Loan from bank for $60,000 cash. 3.      February 22, Acquired store equipment for $20,000 cash. 4.      February 28, Acquired merchandise inventory for $12,000 on credit. 5.      March 3, Sales on credit for $13,000 6.      March 10, Cost of merchandise inventory sold was $8,000 7.      March 13, Paid cash to creditor for $4,000 8.      March 20, Collected cash from debtor for $7,000 9.      April 1, Paid rent in advance in cash, $40,000 10.  April 2, Paid utilities in cash, $3,000