Cash:20,000 Accounts Payable:20,000 Accounts Receivable:100,000 Retained Earnings:7,000 Supplies:10,000 Notes payable (4%, due in 8 years. Interest payable December 31, 2023).:100,000 Contributed Capital :10,000 Property, Plant & Equipment:8,000 Other Assets:18,000 Other Liabilities:16,000

The following transactions or events occurred during the year: A. On December 31, 2023 Turkey Burger Inc. paid dividends to shareholders of $2,000. B. Interest on note payable was paid on schedule. C. Yearly insurance of $2,000 was paid on September 30, 2023. It covers Oct , 2023 -Sept 30, 2024. D. The company sold 1,200 cases of burgers to customers during the year. The cases were $350 each. All sales were on account. E. The Company had used $5,000 worth of supplies throughout the year. F. The Company made payment to creditors of $10,000 G. The Company received payments from customers of $54,000. H. During the year a competitor invented a burger almost as good as Turkey Burger Inc.'s. I. Salaries for the year were $18,000.

I Required below things: 1. Prepare journal entries for the above noted transactions 2. Prepare an Income Statement, Statement of Retained Earnings and Classified Balance sheet for the year ended December 31, 2023.