During August 2024, Alphabet Inc. engaged in the following transactions:

1. Issued shares for $300,000 cash.
2. Purchased machinery for $120,000, paying $70,000 in cash and the rest on credit.
3. Made sales on account totaling $160,000 (cost of goods sold: $95,000).
4. Collected $100,000 from customers.
5. Paid $35,000 in salaries.
6. Paid $20,000 for utilities and other expenses.
7. Paid $25,000 towards the machinery purchased on credit.
8. Recorded depreciation of $9,000 for the month.

Requirements:

1. Journalize the transactions.
2. Post to the ledger accounts.
3. Prepare a trial balance as of August 31, 2024.
4. Prepare an income statement for the month ended August 31, 2024.
5. Prepare a balance sheet as of August 31, 2024.