ABC Corporation, XYZ Inc., Global Enterprises, Smith & Co., Johnson Retailers, Alpha Holdings, Beta Enterprises, Gamma Inc., Delta Corporation, and Omega Retailers, commenced operations on January 1, 20X1. Throughout the year, these companies engaged in various transactions. Prepare journal entries for each transaction, create a trial balance, and then prepare an income statement and a balance sheet as of December 31, 20X1.
Transactions:

1. ABC Corporation issued 1,000 shares of common stock at $10 per share, receiving cash.
2. XYZ Inc. purchased inventory worth $5,000 on credit from Global Enterprises.
3. Smith & Co. sold inventory for $7,000 in cash.
4. Johnson Retailers paid Global Enterprises $4,000 for the inventory purchased.
5. Alpha Holdings purchased equipment for $8,000 in cash.
6. Beta Enterprises received a $2,000 invoice for utilities.
7. Gamma Inc. paid $1,500 for rent.
8. Delta Corporation sold inventory worth $10,000 on credit to Alpha Holdings.
9. Omega Retailers received $6,000 from Delta Corporation for the sale made on credit.
10. ABC Corporation paid salaries totaling $3,500.

Instructions:

1. Record each transaction in the general journal.
2. Post journal entries to the trial balance.
3. Prepare an income statement for the year ended December 31, 20X1.
4. Prepare a balance sheet as of December 31, 20X1.