"Elite Enterprises," "Apex Inc.," "Pioneer Corporation," "Eagle Retailers," "Summit Holdings," "Vanguard & Co.," "Prime Inc.," "Majestic Retailers," "Innovate Enterprises," and "Dynamic Corporation" commenced operations on January 1, 20X1. Throughout the year, these companies engaged in various transactions. Prepare journal entries for each transaction, create a trial balance, and then prepare an income statement and a balance sheet as of December 31, 20X1.
Transactions:

1. Elite Enterprises issued 1,200 shares of common stock at $25 per share, receiving cash.
2. Apex Inc. purchased inventory worth $9,000 on credit from Pioneer Corporation.
3. Eagle Retailers sold inventory for $13,500 in cash.
4. Summit Holdings paid Pioneer Corporation $7,200 for the inventory purchased.
5. Vanguard & Co. purchased equipment for $18,000 in cash.
6. Prime Inc. received a $5,000 invoice for utilities.
7. Majestic Retailers paid $2,500 for rent.
8. Innovate Enterprises sold inventory worth $20,000 on credit to Summit Holdings.
9. Dynamic Corporation received $11,000 from Innovate Enterprises for the sale made on credit.
10. Elite Enterprises paid salaries totaling $6,000.

Instructions:

1. Record each transaction in the general journal.
2. Post journal entries to the trial balance.
3. Prepare an income statement for the year ended December 31, 20X1.
4. Prepare a balance sheet as of December 31, 20X1.