A new business opens selling ice cream on the water front. The incorporated company is owed by siblings Violet and Ollie whom each own 50% of the shares. Each sibling acquires 1,000 shares for $25,000 each. The business officially incorporated on June 1,2022 . They decided to name their company Sugar Rush Cones. The following transactions were observed during the first month of business. A bank loan of $30,000 was obtained - payable over 6 years at an annual interest rate of 8% on June 1st. Payments of principal and interest are to be made on the last day of each month. Freezers were purchased at a cost of $10,000. Depreciated on a straight line basis over five years. The freezers were purchased with $8,000 cash and a note payable due in two years with an interest rate of 5% on June 2nd. A contract for a three year lease was signed on June 2nd, rent is due the 2nd of each month, to be paid for the first sixth months upfront. The yearly rent is 15,000 . They found an excellent deal on napkins and bought enough for at least one year at a cost of $2,000 with cash on June 3rd. Their business plan is to have 20 kinds of ice cream at all times - they purchased 60 large containers on June 3 rd at a cost of $3,000 on account. A front staff worker was hired on June 4th. Insurance on the business and the equipment was purchased on June 4th, to be paid one year in advance for $2,400. They paid an accountant $3,000 cash to set up their books on June 5th. Advertising costs for radio ads of $4,000 were purchased on account on June 8th. The shop officially opened on June 10th. The first week the company sold $3,000 worth of ice cream, all payments were in cash. The second week the company sold 4,500 worth of ice cream, all paid in cash. During the third week a promotion on gift cards for grading day saw $4,500 in gift card sales. The company also sold $5,000 worth of ice cream in cash. The company catered a children's party for the city on June 20th. They charged $8,000 for their services on account. Wages for the two weeks of operations were paid in cash on June 30 at $800. Wages for the following two weeks were paid on July 14th at $800. On June 28th, half of the bill for the ice cream is paid. Received $1,000 for the kids ice cream party held in June on June 28th. The company signed a contract to do another children's party on July 24th at a fee of $4,500. The company received a power bill for $1,200 on July 10th for the power used in June. During the accountant's review of the cash collected in June, it was realized that $800 in gift card were collected as payment in the last month of June. Inventory done on June 30th was revealed that 1/3 of the ice cream was left and 85% of the napkins. A dividend was declared at $1 per share to be paid in August. Income tax is calculated at 30%. From the transactions given - create the original and needed adjusting journal entries. Give a description with each journal entry. Using this information create a general ledger and a trial balance. Create all four financial statements as of June 30, 2022