Accounting: a. Capital stock issued: $40,000 b. Office equipment rented (and paid for in cash): $2,000 c. Office supplies purchased (and paid in cash): d. Cleaning supplies (bought on credit): $1,000 $1,200 e. Land and building purchased on a L.T. note: f. Utilities (paid in cash): g. Salaries paid in cash to employees: $30,000 $1,200 $6,000 h. Sales revenues: $17,500 i. Advance collected from customers: j. Sales made on credit to customers: $3,000 $3,500 You are required to: (1) Summarize and post the above transactions (2) Prepare an income statement (3) Prepare a balance sheet Accounting Problem 1. Salvador Pena started "Pena Construction Company" on June 1 and plans to prepare financial statements at the end of June. During June, the firm completed the following transactions: a) The owner invested $50,000 in cash in the company along with equipment that had a $20,000 market value in exchange for its common stock. b) The company paid $2,500 cash for rent for the month of June. c) The company purchased $25,000 of additional equipment on credit (payment due in 30 days). d) The company completed construction work for a client and collected the $5,000 cash earned. e) The company completed construction work for another client and sent a bill for $15,000 to be received within 30 days. f) The company purchased additional construction equipment for $ 8,000 paid in cash. g) The company paid two employees $6,000 as wages for the month. h) The company received a check for $5,000 as partial payment from the customer in transaction e) above. i) The company paid $8,000 as partial payment to settle the liability created in transaction c) above. j) The company paid $5,000 cash dividend to the owner (and sole shareholder). You are required to: (1) Summarize and post the above transactions (2) Prepare an income statement (3) Prepare a balance sheet