Facts: Dec 1 2 3 4 10 15 20 24 26 28 31 31 Issued common stock in exchange for $1,000,000 cash. Purchased inventory on account for $80,000 (the perpetual inventory system is used). Purchased $500,000 in equipment for cash. Paid the companys landlord $12,000 for rent for twelve months, debiting Prepaid Rent Expense. Sold merchandise on account for $130,000. The cost of the merchandise was $75,000. Borrowed $60,000 from a local bank and signed a note. Principal and interest of 10% to be repaid in one year. Paid employees $20,000 wages for the first half of the month. Paid $60,000 to suppliers for the merchandise purchased on December 2. Collected $50,000 on account from customers. Paid various utility bills of $3,500 for the month of December. Paid $8,000 in insurance for the period January 1, 2015 to March 1, 2015. Received payment of $5,000 for an order to be delivered January 20. The cost of the merchandise for the order will be $3,500. Accounting Cycle Review Stackhouse, Connelly, and Teagarden Enterprises (SCT Enterprises) was formed in December 2014. During the first month of operation, the following transactions occurred: Required (round all computations to the nearest whole dollar):

1. Prepare journal entries to record the above transactions and post these entries to their corresponding T-accounts (ledger).

2. Prepare an unadjusted trial balance.

3. Prepare adjusting entries for December, considering: a. Depreciation on the equipment is $42,000 per year. b. Rent expense for the month. c. Interest expense for the month. d. Wages for the second half of the month; assume employees earned wages evenly throughout the month.

4. Prepare an adjusted trial balance.

5. Prepare a basic income statement, a statement of stockholders equity, and a balance sheet for the year ending December 31, 2014.

6. Prepare closing entries.

7. Prepare a post-closing trial balance.

I need help doing all 7 steps. This is also being put on excel.

Thanks!!