AP3-12 (Journalize, post, and prepare trial balance and closing entries) Singh Company started business on January 1, 2015. The following transactions occurred in 2015 1. On January 1, the company issued 10,000 common shares for S250,000 2. On January 2, the company borrowed S50,000 from the bank. 3. On January 3, the company purchased land and a building for a total of S200,000 cash. The land was recently appraised at a fair market value of $60,000 (Note: As the building will be depreciated in the future and the land will not, these two assets should be recorded in separate accounts.) 4. Inventory costing $130,000 was purchased on account. 5. Sales to customers totalled $205,000. Of these, S175,000 were sales on account. 6. The cost of the inventory that was sold to customers in transaction 5 was $120,000 7. Payments to suppliers on account totalled S115,000 8. Collections from customers on account totalled $155,000 9. Payments to employees for salaries were S55,000. In addition, there was $2,000 of unpaid salaries at year end. 10. The interest on the bank loan was recognized and paid. The interest rate on the loan was 6%. 11. The building was estimated to have a useful life of 30 years and a residual value of S20,000. The company uses the straight-line method of depreciation. 12. The company declared dividends of $7,000 on December 15,2015, to be paid on January 15, 2016 Required a. Prepare journal entries for each of the transactions and adjustments listed in the problem. b. Prepare the c. Prepare an adjusted trial balance d. Prepare the closing entries and post them to the T accounts necessary T accounts and post the journal entries to them