1. Prepare Journal entries for the following transactions (including adjusting entries) 2. Post all transactions (including adjusting entries) to the general ledger t-accounts 3. Complete an adjusted trial balance with proper heading 4. Prepare an income statement, balance sheet, and statement of retained earnings with proper headings 5. Prepare closing entries 6. Prepare a post-closing trial balance 7. Write a summary (at least 250 words) about the performance of this company for its first month in operations. You may include comments about the gross profit, gross profit margin, profitability, any controls that should be in place for this type of business, and other metrics such as current ratio, equipment's book value, and other comments you would like to make. June 1 Gus issued $50,000 shares of common stock for cash. June 4 Gus purchased mechanical equipment for $105,000; $10,000 was paid immediately with cash, and the remainder was billed to Gus with payment due in 30 days with an interest component of 5.3% APR. Also, Gus purchases on account $2,600 worth of car trinkets he plans to sell. June 5 Gus purchases supplies for $900 cash for the business. June 6 Repair sales for the day totaled $7,560 June 12 Gus sells some trinkets on account for a sales price of $300 and the cost was $150. June 14 Gus pays a $50 electric bill on account. June 16 Gus takes out a 6-month insurance policy for the $6,000 and pays cash. Also, Gus receives $6,200 in cash for a large job that he will compete mostly in July. Gus distributed $150 cash in dividends to stockholders. June 18 June 19 Gus paid $1,000 toward the outstanding liability (Notes Payable) from the June 4th transaction. June 22 1 Gus paid $600 cash in salaries expense to employees. June 28 The customer from the June 12 transaction pays $100 cash toward his account balance with Gus. June 29 Repair Sales for the day totaled $4,300 Adjusting Entries: Date Transaction June 30 Gus took an inventory of supplies and discovered that $80 of supplies remain unused at the end of the month. June 30 The equipment purchased on June 4 has a useful life of 2 years. Book depreciation for June. June 30 From the June 16th transaction, revenue earned this month was $1,200. June 30 Accrue for interest for the month of June from the June 4th transaction. The following accounts will be used: Cash, Accounts Receivable, Interest Expense, Interest Payable, Supplies, Equipment, Inventory, Accumulated Depreciation, Notes Payable, Accounts Payable, Common Stock, Unearned Revenue, Prepaid Expenses, Insurance Expense, Dividends, Sales Revenue, Service Revenue, Cost of Goods Sold, Utilities Expense, Supplies Expense, Salary Expense, and Depreciation Expense