"Emerald Enterprises," "Frontier Inc.," "Starlight Corporation," "Summit Retailers," "Crest Holdings," "Apex & Co.," "Golden Sun Inc.," "Ascend Retailers," "Alpine Enterprises," and "Horizon Corporation" began 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. Crest Holdings issued 2,000 shares of common stock at $50 per share, receiving cash.
2. Golden Sun Inc. purchased inventory worth $16,000 on credit from Starlight Corporation.
3. Summit Retailers sold inventory for $22,000 in cash.
4. Horizon Corporation paid Starlight Corporation $11,000 for the inventory purchased.
5. Apex & Co. purchased equipment for $35,000 in cash.
6. Alpine Enterprises received a $9,000 invoice for utilities.
7. Ascend Retailers paid $5,000 for rent.
8. Emerald Enterprises sold inventory worth $30,000 on credit to Apex & Co.
9. Frontier Inc. received $19,000 from Emerald Enterprises for the sale made on credit.
10. Crest Holdings paid salaries totaling $7,000.

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.