1. On Nov 30, 2016, the Zu company had the following account balance

Assume the company has a balance of $150,000 on revenue and $145,000 on expense account, as well as $5000 on dividend account. During the month of December the Zu company entered into the following transactions:

a.) Prepare general journal entries to record the preceding transactions

b.) Post to the general ledger accounts

c.) Prepare the income statement and balance sheet assuming the company is income tax exempt and all net income was retained in the business.

Account Cash Accounts receivable Inventories Other current assets Building and equipment (net) Land Total assets Balance $3,200 9,900 10,600 2,000 42,000 9,000 76,700 Account Account payable Long term liabilities Total liabilities Common stock Retained earnings Total liabilities and equities Balance $10,700 3,600 14,300 20,000 42,400 76,700