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he Michigan Flyer Wholesale Building Products Company began operations on January 1 , 2 0 2 2 . During the month of January 2 0

he Michigan Flyer Wholesale Building Products Company began operations on January 1,2022.
During the month of January 2022, the following transactions occurred:
a. Scott Jones and Evie Lawson each invest $50,000 cash in the corporation in exchange for 5,000 shares of common stock each.
b. Equipment is purchased for $15,000 cash.
c. On the first day of January, $3,500 monthly rent on a building is prepaid for the months of January and February.
d. On January 6,2022 Office supplies are purchased on account for $850.
e. Merchandise inventory costing $55,000 is purchased on account. The company uses the perpetual inventory system.
f. On January 25,2022, $25,000 is borrowed from a local bank, and a note payable is signed.
g. On January 20,2022, a customer deposits $2,200 for February delivery of shipment of lumber
h. Sales on account for January 2022 are $57,000. The cost of merchandise sold is $28,500.
i $15,000 is collected on account from customers.
j. $20,000 is paid on account to vendors
k. Salaries of $3,500 are paid to employees for January. Federal Withholding is $900, State Withholding is $450 social security is 6.2% and Medicare is 1.45% of gross wages
l. On January 31,2022, a bill for $1,500 is received from the local utility company for the month of January.
m On January 30,2022 A customer has requested that the company convert his account receivable of 20,000 to a note and the company agrees.
n On December 15,2022 the corporation declares cash dividends of 1,000, payable on January 30,2023
Prepare a unadjusted Trial balance

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