22 The accounting cycle LO2, 3, 4, 5 Johnvo Photography was founded on 1 April and entered into the following transactions: 1st Issued shares to shareholders in exchange for $100000 cash 1st Purchased a camera (equipment) for $65000 1st Purchased supplies for $2000. 1st Purchased a one-year insurance policy to be consumed evenly over the next period, to be paid next month - $3700 1st Took out a loan from First Bank for $100 000. 6th Hired two new employees on salary of $4000 a month each. 6th Received prepayment for a contracted job to be performed in May - $22500 8th Billed customers for services provided - $42000. 12th Paid to have an ad placed on website during April - $7000 18th Billed customers for services provided - $34000 24th Paid dividends to shareholders - $5000. 30th Prepaid the next six months of rent starting with May - $18000 Additional information: i April depreciation for the delivery van is $1085 ii Interest on the loan from the bank is paid annually at a rate of 6 per cent ili Prepaid insurance has expired iv Employees' salaries earned during April but to be paid in May. REQUIRED a Journalise the transactions for the month of April. b Post the journal entries to the general ledger using T-accounts. C Prepare a trial balance as of 30 April. d Prepare all necessary adjusting journal entries and post the entries to the appropriate T-accounts. e Prepare an adjusted trial balance as of 30 April. f Prepare an income statement and a statement of retained earnings for the month of April. Also prepare a classified balance sheet as of 30 April g Prepare all closing entries for the temporary accounts and post the entries to the appropriate T-accounts. h Prepare a post-closing trial balance as of 30 April