AP3-14A Journaliing, posting, preparing statement of me and statement of financial position, and preparing closing entries) Perfect Pizza had the following account balances at December 31, 2019: Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation, Equipment $33,000 15,000 10,000 3,000 60,000 30,000 Vehicles Accumulated Depreciation, Vehicles Accounts Payable Wages Payable Common Shares Retained Earnings 80,000 36,000 7.000 2.000 110,000 16,000 During 2020, the following transactions occurred: 1. Purchases of ingredients and supplies (inventory) were $230,000, all on account 2. Sales of pizzas for cash were $510,000, and sales of pizzas on account were $40,000 3. The company paid $105,000 for wages. 4. The company also paid $25,000 for utilities expenses. 5. Payments for ingredients and supplies purchased on account totalled $220,000 6. Collections from customers for sales on account totallod $38,000. 7. Ingredients and supplies valued at $225,000 were used in making pizzas that were sold. 8. A dividend of $15,000 was declared and paid at the end of the year. Information for adjusting entries: 9. At the end of 2020, the amount of rent paid in advance was $1,500 10. Wages owed to employees at the end of 2020 were $2,500 11. The equipment had an estimated useful life of eight years, with no residual value. 12. The delivery vehicles had an estimated useful life of six years with a residual value of $8.000 Required a. Prepare journal entries for transactions through 8. Create new accounts as necessary b. Prepare adjusting journal entries for adjustments 9 to 12. c. Set up Taccounts, enter the beginning balances from 2019. post the 2020 entries, and calculate the balance in each account. d. Prepare a trial balance, and ensure that the total of the debit balances is equal to the total of the credit balances. e. Prepare a statement of income for 2020. C. Prepare the closing entries, post them to the T accounts, and calculate the final balance account 2. Prepare a statement of financial position for 2020