Beta Company
Balance Sheet
At December 31, 2008
Assets			Liabilities and Shareholder's equity
Cash	50,000		AP	17500
A/R	26500		Common Stock	48600
Pre-paid rent	3,600		Retained Earnings	24500
Land	10500
Totals	90,600			90600
The following accounting events apply to Beta's 2009 fiscal year
1-Jan	Beta purchased a computer that cost $18,000 for cash. The computer had no salvage value and a 3 year useful life
1-Mar	The company borrowed $20,000 by issuing a two-year note at 12%
1-May	The company paid $6,000 cash in advance for a six-month lease starting on July 1 for office space.
1-Jun	The company declared and paid dividends of $2,000 to the owners
1-Jul	The company purchased land that cost $15,000 cash.
1-Aug	Beta received $13,500 cash in advance for 12 months of service to be performed monthly for the next year, beginning on receipt of payment
1-Sep	Beta sold a parcel of land for $13,000, its original cost of the land.
1-Oct	Beta purchased $1,300 of supplies on account
1-Nov	Beta purchased short-term investments for $10,000 cash. The investments earn a fixed rate of 5% per year
31-Dec	The company earned service revenue on account during the year that amounted to $50,000
31-Dec	Cash collections from AR amounted to $46,000
31-Dec	The company incurred other operating expenses on account during the year that amounted to $5,850
Additional information follows:
Salaries that had been earned by the sales staff but not yet paid amounted to $2,00
Supplies on hand at the end of the period totaled $200
The beginning balance of $3,600 in prepaid rent was completely used up by the end of the year.
Post the journal entries directly to T-accounts, make the appropriate adjustments, prepare an adjusted trial balance, and prepare the financial statements (all four). Then prepare the closing entries and the post closing trial balance