Alpha Marine is a boat repairing company, started its business in January 1, 2014. During the month of January following transactions took place.

Jan 01: Business made an investment of $500,000 in cash.

Jan 02: Paid Rent $6,000 for repair shop for 3 months in advance.

Jan 03: Purchase repair equipment $80,000, paid cash $30,000 and for remaining balance, N/P is signed.

Jan 04: Provided repair services to Kiwi Insurance and sent a bill of $5,620 to the client.

Jan 05: Paid $350 for advertisement in Yachting World, the advertisement will be printed in February and March issues of magazine.

Jan 06: Received $6,750 from City Insurance group to repair 50 boats. The Business will provide repair services to boats on request of City Insurance in future.

Jan 07: Made repairs on the vessel Independent totaling $1,890. Collected $400 cash and remaining balance is due in 30 days.

Jan 08: Business received $5,000 for repairing the vessel Sprit.

Jan 10: Business borrowed $ 10,000 by signing a Notes Payable for 12 months at interest rate of 15% per annum. Both interest and principle will be paid at maturity.

Jan 11: Business paid 50% of notes payable created on Jan 03.

Jan 12: Business paid for travelling expenses of $400 to meet a client.

Jan 13: Business received cash of $4,000 for repairing a vessel called Discovery.

Jan 14: The client of vessel Discovery claimed that the repairs are not made properly to his vessel, therefore business paid $250 to compensate for the poor repair work.

Jan 15: Additional investment is made by investing cash of $20,000 from personal sources.

Jan 20: Business paid $3,000 in hosting a party for prospective clients. The appropriate account is entertainment expenses.

Jan 22: Business provided repair services to vessel Honor for $7,000. Client paid $4,000 and singed Notes Payable for remaining balance.

Jan 25: Business provided repair services to vessel Luxurious for $6,000. Client paid $1,000 and signed Notes Payable for remaining balance.

Jan 31: The equipments expected useful life is 3 years and salvage value is $20,000. Business recorded Depreciation of Equipment.

Jan 31: Business recorded utility expenses of $800.

Jan 31: Business recorded interest expense for January.

Jan 31: Business adjusted rent account for January.

Jan 31: The business repaired 17 boats for City Insurance during January.

Jan 31: Business Declared and paid dividend of $2,500.

Requirements:

Record these transactions in General Journal Format

Post these transactions is Ledger (T-Accounts)

Prepare Trial Balance Prepare Income Statement and Balance Sheet.