As shown in the first image, journal entries were prepared based on Chart of Accounts provided in the second image.

1. Please help me verify the correctness of my journal entries

2. Then prepare a Statement of Retained Earnings. Please make sure the statement is readable and has the proper heading and format, and make a chart for it or neatly handwrite on a paper.

Show clearly which numbers are debit and which are credit.

Thanks.

1. Your Company issued common stock in exchange for $150,000 cash. Record the journal entry GENERAL DEBIT ACCOUNT TITLE CREDIT 000,0 2. Your Company purchased inventory on account in the amount of $50,000, terms net 30. Your Company uses the erpetual method for accounting for inventory. Record the journal entr GENERAL ACCOUNT TITLE CREDIT DEBIT td.cC Your Company sold some of the inventory for cash in the amount of $100,000 that cost $25,000. Record the journal entr 3. GENERAL DEBIT 00, 000.00 ACCOUNT TITLE CREDIT Your Company estimated that the income tax expense for the period was $15,000 and accrued that amount as a liability. Record the journal entr 4. GENERAL DEBIT CREDIT ACCOUNT TITLE