General Motors had the following balances as of June 1, 2025:

• Cash: $80,000
• Accounts Receivable: $50,000
• Inventory: $110,000
• Equipment: $200,000 (Accumulated Depreciation: $40,000)
• Accounts Payable: $70,000
• Bank Loan: $90,000
• Capital: $340,000

During June 2025, General Motors carried out the following transactions:

1. Purchased inventory worth $80,000 on account.
2. Paid $35,000 towards accounts payable.
3. Sold inventory for $160,000 (cost of goods sold: $100,000).
4. Collected $60,000 from accounts receivable.
5. Paid $50,000 in operating expenses.
6. Paid $25,000 towards the bank loan.
7. Recorded depreciation expense of $6,000.

Requirements:

1. Record the journal entries for the transactions.
2. Post the transactions to the ledger accounts.
3. Prepare a trial balance as of June 30, 2025.
4. Prepare the income statement and balance sheet for the month ended June 30, 2025.