"Ghayyas and Sons," "Al-Malik Enterprises," "Zahid Corporation," "Khan Retailers," "Ahmed Holdings," "Sami & Co.," "Rahman Inc.," "Ali Retailers," "Nasir Enterprises," and "Jamil 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. Ghayyas and Sons issued 1,500 shares of common stock at $20 per share, receiving cash.
2. Al-Malik Enterprises purchased inventory worth $8,000 on credit from Zahid Corporation.
3. Khan Retailers sold inventory for $12,000 in cash.
4. Ahmed Holdings paid Zahid Corporation $6,500 for the inventory purchased.
5. Sami & Co. purchased equipment for $15,000 in cash.
6. Rahman Inc. received a $4,500 invoice for utilities.
7. Ali Retailers paid $2,000 for rent.
8. Nasir Enterprises sold inventory worth $18,000 on credit to Ahmed Holdings.
9. Jamil Corporation received $9,500 from Nasir Enterprises for the sale made on credit.
10. Ghayyas and Sons paid salaries totaling $5,000.

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.