Deanne Boyd has been sharing with her family how great her accounting class is going and all the new things she is learning. When her uncle asked her to prepare his accounting records for a company he owns, called Joe's Trades Ltd. she readily agreed. The company has two (2) employees who repair and service all computers used by four (4) large companies in the area. Her uncle Joe gave her the following information regarding its first year of operations, ending August 31, 2021:

1. When the corporation was formed on September 1, 2020, common shares were sold to the sole shareholder, Uncle Joe, for $25,000 cash.

2. Uncle Joe added up all of the invoices the company issued to its customers and the total came to $350,000. All of these were issued on credit.

3. The company received $225,000 cash from customers when they paid their invoices.

4. The company rents a small repair shop for $2,000 per month. The shop was rented for the full year and all rent was paid in cash. In addition, the landlord required the company to pay one month's rent in advance (rental deposit paid on September 1, 2020).

5. Salaries to employees totalled $100,000 for the year and were paid in cash (ignore any deductions).

6. Uncle Joe determined, from a review of numerous invoices, that the office expenses for the year were $33,000. Of these, all were paid except $6,000 that was still owing.

7. In late August 2021, a new customer approached the company and signed a contract for service to be done to its computers starting in October 1, 2021. The customer paid the company $4,000 in advance to secure the service.

8. Uncle Joe estimated that, given the net income earned by the company this year, income tax expense should be $10,000 but this would not have to be paid until October 31, 2021.

9. The company declared and paid $5,000 of dividends to shareholders. The dividends were paid on August 15, 2021.

Required 1: Prepare the journal entries for the above transactions. You may omit explanations. If no entry is required for a transaction please state no entry. You are welcome to use the journal entry paper provided in the info for exams and quizzes tab or blank/lined paper. You do not have to put dates on your journal entries.

Required 2: Post the journal entries to t-accounts. You are welcome to use the t-account paper provided in the info for exams and quizzes tab or blank/lined paper.

Required 3: Prepare a trial balance.

Required 4: Prepare an income statement, statement of changes in equity, and statement of financial position for the year, in good form.