1 Required: Post the following transactions to the T-Accounts, then prepare 12/31/2006 Balance Sheet, Income Statement, Statement of Retained Earnings, and Statement of Cash Flow 07/01/2006 Collected $80,000 on Accounts Receivable 7 15/0112006 Sold an additional 100,000 shares at $5 per share 9 01/02/2006 Made a sale of $90,000 on account. Cost of inventory sold was $65,000 10 1115/02/2006 Bought merchandise inventory for $70,000 cash 12 3 01/03/2006 Paid vendors $16,000 cash on Accounts Payable 14 15 30/06/2006 Made payment of $25,000 on Notes Payable 16 17 01107/2006 Purchased $10,000 worth of store equipment for Cash 19 30/112006 Made a sale of merchandise for $50,000 cash which reduced inventory $30,000 20 21 15/12/2006 Declared and paid a $20,000 dividend to shareholders 23 31/12/2006 Recorded $3,000 Rent Income from Unearned Income 24 25 31/12/2006 Recorded Depreciation for year on equipment of $1.000 26 27 31/12/2006 Recorded expiration of 1-year prepaid rent expense for $2,000 28 29 31/12/2006 Soid equipment for $1,000 cash which cost 51,000 when purchased new 30 31 32 The equipment was sold before recording any depreciation 34