During the month of March 2023, Tesla Inc. engaged in the following transactions:

1. Issued shares for $150,000 cash.
2. Purchased machinery for $80,000, paying $50,000 in cash and the rest on credit.
3. Made sales on account totaling $120,000 (cost of goods sold: $70,000).
4. Collected $85,000 from customers.
5. Paid $20,000 in salaries.
6. Paid $10,000 for utilities and other expenses.
7. Paid $15,000 towards the machinery purchased on credit.
8. Recorded depreciation of $5,000 for the month.

Requirements:

1. Journalize the transactions.
2. Post to the ledger accounts.
3. Prepare a trial balance as of March 31, 2023.
4. Prepare an income statement for the month ended March 31, 2023.

Prepare a balance sheet as of March 31, 2023.