Could anyone help me out with this accounting comprehensive problem with steps and explanations.

Name Date Problem: Complete all the requirements listed at the bottom of the problem. This assignment is worth a total of thirty points. Please use a separate sheet of paper to complete the problem, and attach it to this paper. Show all your work. The following amounts summarize the financial position of Nova, Inc. on September 30, 2017: Cash Accounts Receivable 15,000 7,000 Accounts Payable Retained Earnings 8,000 14,000 a. C. During October 2017, Nova, Inc. completed these transactions: Nova received cash of $100,000 and issued 10,000 shares of common stock ($1 par value). b. Purchased the following during October on account: 10/1/17 1000 basketballs at $10 each 10/15/17 1000 basketballs at $15 each 10/18/17 1000 basketballs at $20 each On 10/20/17, Nova sold 2,500 basketballs on account for a total of $80,000. They consider their allowance for doubtful accounts to be 5% of these sales. Also, Nova uses LIFO for COGS and inventory. d. Nova purchased equipment for $50,000 cash on 10/1/17. They use straight-line depreciation over 10 years, and it has 0 residual value. (You must depreciate the equipment for one month round up). Purchased supplies on account for $4,800. f. Paid $4,000 on accounts payable. g. Collected cash from a customer on account, $2,000. h. Had the following business expenses that they paid for the month: (1) salaries $2,000; (2) rent $3,500. i. Declared and paid a cash dividend of $2,000 e. Requirements: 1. 2. Journalize (prepare journal entries) for the October transactions of Nova, Inc. Prepare T-Accounts for each account. Insert in each T-Account its September 30 balance as given (example: Cash $15,000). Then post the October transactions to the T-Accounts. Finally, compute the balance of each account. Prepare the income statement of Nova, Inc. for the month ended October 31, 2017. Prepare Nova, Inc.'s statement of retained earnings for the month ending October 31, 2017. Prepare the balance sheet of Nova, Inc. at October 31, 2017. 3. 4. 5