ACCOUNTS PAYABLE $10,000 ACCOUNTS RECEVABLE $50,000 CASH $500,000 COMMON STOCK 550,000 RETAINED EARNINGS $500,000 SUPPLIES $10,000 2021 TRANSACTIONS 1. Purchased 5 autos for $20,000 each paying $10,000 down and signed a note for the balance 2. Sales on account to corporate customers $500,000 3. Purchased supplies on account $15,000 4. Paid sales salaries of $30,000. 5. Supplies on hand at end of the period $5,000 6. Paid advertising expense $15,000 7. Paid principal of $20,000 plus interest of $5,000 on note. 8. Received cash of $100 each for 5,000 games from customers 9. Paid dividend of $ 10,000. 10. By the end of the year 4,000 customers had picked up games REQUIRED: 1. Post initial balances to T-accounts 2. Journalize each entry and post to ledger 3. Prepare trial balance 4. Prepare income statement 5. Prepare statement of retained earnings 6. Prepare balance sheet 7. Prepare closing entries and post to ledger