FreshBites Catering engaged in the following transactions:
1.Issued $100,000 in common stock.
2.Purchased kitchen equipment for $40,000 on credit.
3.Paid $3,000 for rent.
4.Provided catering services worth $50,000 (cost $20,000) on account.
5.Paid $15,000 in wages.
6.Received $30,000 from clients.
7.Paid $2,000 for utilities.
Requirement: Prepare journal entries and create a trial balance.