Basic Accounting (Bus 1102)

lease read the transaction of FunSun. Co and use the template provided to: Pass the journal entries for transactions given Prepare the various t-account Prepare the trial balance Explain the uses of journal and ledger accounts. Date Transaction April 1: Commenced business with $35,000 of common stock for cash $35,000 April 2 Purchased Office supply for $ 1,100 on account April 5 Billed customers $ 10,000 on the account. April 12 Purchased a delivery van for $ 7,000 on loan. April15 Paid rent for $ 5,000. April 16 Paid Salaries to employees $4,000 April 17 Cash sales for $ 2,000 April 20 Paid insurance for one-year policy $1,800. April 20 Paid the loan on van $1,000 April 21 Collected $ 9,000 for the bill on April 5. April 25 Return office supply purchased on April 2 $ 100 April 27 Purchased additional furniture by paying cash for $ 2,000. April 29 Cash withdrawal for personal use $ 1,000 Additional entries: (a) Depreciation for the month of April on van 5% (b) Accrued but unpaid employee salaries were $500 (c) Earned but unbilled Revenue on April 30 was $600 (d) One-twelfth of the insurance expired (e) Paid Dividend $,1000 Submission Instructions Your submission should follow the template provided to prepare: Journal entries t-account Trial balance Explain the use of journal and ledger using 50 -100 words. Use APA citations and references for any sources used in the essay.

For this week's reflection task: Please read the transaction of FunSun. Co and use the template provided to: Pass the journal entries for transactions given Explain the uses of journal and ledger accounts. Date Transaction April 1: Commenced business with $35,000 of common stock for cash $35,000 April 2 Purchased Office supply for $ 1,100 on account April 5 Billed customers $ 10,000 on the account. April 12 Purchased a delivery van for $ 7,000 on loan. April15 Paid rent for $ 5,000. April 16 Paid Salaries to employees $4,000 April 17 Cash sales for $ 2,000 April 20 Paid insurance for one-year policy $1,800. April 20 Paid the loan on van $1,000 April 21 Collected $ 9,000 for the bill on April 5. April 25 Return office supply purchased on April 2 $ 100 April 27 Purchased additional furniture by paying cash for $ 2,000. April 29 Cash withdrawal for personal use $ 1,000 Additional entries: (a) Depreciation for the month of April on van 5% (b) Accrued but unpaid employee salaries were $500 (c) Earned but unbilled Revenue on April 30 was $600 (d) One-twelfth of the insurance expired (e) Paid Dividend $,1000 Submission Instructions Your submission should follow the template provided to prepare: Journal entries

For this week's reflection task: Please read the transaction of FunSun. Co and use the template provided to: Prepare the various t-account Explain the uses of journal and ledger accounts. Date Transaction April 1: Commenced business with $35,000 of common stock for cash $35,000 April 2 Purchased Office supply for $ 1,100 on account April 5 Billed customers $ 10,000 on the account. April 12 Purchased a delivery van for $ 7,000 on loan. April15 Paid rent for $ 5,000. April 16 Paid Salaries to employees $4,000 April 17 Cash sales for $ 2,000 April 20 Paid insurance for one-year policy $1,800. April 20 Paid the loan on van $1,000 April 21 Collected $ 9,000 for the bill on April 5. April 25 Return office supply purchased on April 2 $ 100 April 27 Purchased additional furniture by paying cash for $ 2,000. April 29 Cash withdrawal for personal use $ 1,000 Additional entries: (a) Depreciation for the month of April on van 5% (b) Accrued but unpaid employee salaries were $500 (c) Earned but unbilled Revenue on April 30 was $600 (d) One-twelfth of the insurance expired (e) Paid Dividend $,1000 Submission Instructions Your submission should follow the template provided to prepare: t-account

For this week's reflection task: Please read the transaction of FunSun. Co and use the template provided to: Prepare the trial balance Explain the uses of journal and ledger accounts. Date Transaction April 1: Commenced business with $35,000 of common stock for cash $35,000 April 2 Purchased Office supply for $ 1,100 on account April 5 Billed customers $ 10,000 on the account. April 12 Purchased a delivery van for $ 7,000 on loan. April15 Paid rent for $ 5,000. April 16 Paid Salaries to employees $4,000 April 17 Cash sales for $ 2,000 April 20 Paid insurance for one-year policy $1,800. April 20 Paid the loan on van $1,000 April 21 Collected $ 9,000 for the bill on April 5. April 25 Return office supply purchased on April 2 $ 100 April 27 Purchased additional furniture by paying cash for $ 2,000. April 29 Cash withdrawal for personal use $ 1,000 Additional entries: (a) Depreciation for the month of April on van 5% (b) Accrued but unpaid employee salaries were $500 (c) Earned but unbilled Revenue on April 30 was $600 (d) One-twelfth of the insurance expired (e) Paid Dividend $,1000 Submission Instructions Your submission should follow the template provided to prepare: Trial balance

Please read the transaction of FunSun. Co and use the template provided to: Pass the journal entries for transactions given Prepare the various t-account Prepare the trial balance Explain the uses of journal and ledger accounts. Date Transaction April 1: Commenced business with $35,000 of common stock for cash $35,000 April 2 Purchased Office supply for $ 1,100 on account April 5 Billed customers $ 10,000 on the account. April 12 Purchased a delivery van for $ 7,000 on loan. April15 Paid rent for $ 5,000. April 16 Paid Salaries to employees $4,000 April 17 Cash sales for $ 2,000 April 20 Paid insurance for one-year policy $1,800. April 20 Paid the loan on van $1,000 April 21 Collected $ 9,000 for the bill on April 5. April 25 Return office supply purchased on April 2 $ 100 April 27 Purchased additional furniture by paying cash for $ 2,000. April 29 Cash withdrawal for personal use $ 1,000 Additional entries: (a) Depreciation for the month of April on van 5% (b) Accrued but unpaid employee salaries were $500 (c) Earned but unbilled Revenue on April 30 was $600 (d) One-twelfth of the insurance expired (e) Paid Dividend $,1000

This week's discussion revolves around the analysis and recording of financial transactions. At the onset of bookkeeping, the crucial steps involve preparing journal entries, ledger accounts, and the trial balance. These accounts play a significant role in facilitating the preparation of financial statements. Therefore, understanding the relationship among these accounts is essential. The aim of this discussion is to underscore the significance of journal entries, ledger accounts, and the trial balance, and their influence on the financial statements. In your role as an accountant, conduct a comprehensive evaluation of the relationship between the journal, ledger, and trial balance. Furthermore, elaborate on the methods you would employ to identify errors within the trial balance as well as the subsequent process for rectifying those errors. Use relevant examples to substantiate your arguments. Answers should be included an introduction and a conclusion with minimum word count 1500 words.