Assume the following: XYZ Engineering Supplies Company had the following transactions (Please, use the Chart of Accounts on the next page): 1. Issued capital stock for $100,000. 2. Purchased $55,000 of inventory on account. 3. Sold inventory costing $2,000 for $16,000 on account. 4. Paid interest for $500. 5. Paid $8,000 for inventory purchased on account (from item2). 6. Collect $4,800 of accounts receivable (from item3). 7. Recognize Rent bill of this month for $6,500. 8. Paid Taxed for $770 Required: A. Record the above transactions in General Journal (Journal Entriesusing the Cart of Accounts in the next slide). B. Record the transactions in General Ledger format (T-Accounts). C. Prepare a Trial Balance for XYZ Engineering Company. D. Prepare Income Statement, Retained Earnings Statement & Balance Sheet for XYZ Engineering Company