Hello. I have completed below case study, if something is wrong or incomplete help me. And at then I need to transfer into excel sheet:

I much appreciated your help !

Instructions:

REQUIREMENTS

Prepare the journal entries for the transactions in Exam 1 Part B in the general journal

Post your journal entries to the general-ledger

Prepare the adjusted Trial Balance

Prepare the Multi-step Income Statement

Prepare the Statement of changes of Stockholders' equity

Prepare the Balance Sheet

LifeiIsGood Co. commenced operations on January 1, 2021 and has a year-end of December 31. The company uses a perpetual inventory method. During 2021, the company had the following events. 1. January 1 Issued common stock for $40,000 cash. 2. April 2 Purchased land for $10,000 cash. 3. May 1 Paid auto insurance for 12 months in advance for $6,400. 4. July 1 Purchased inventory costing $7,000 on account from Sam Co. Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. In addition, freight costs of $500 were paid in cash. 5. July 10 Paid the amount due on its account payable to Sam Co. within the cash discount period. 6. September 1 Sold all inventory for $20,600 on account under terms 1/10, n/45. 7. September 10 Received the payment for the September 1 sale within the discount period 8. September 30 Sold the land purchased on April 2 for $20,000 cash. 9. October 1 Paid $4,000 cash for inventory received from Viva Inc. 10. December 31 Recorded adjustment for auto insurance related to May 1 transaction. Required 1. Prepare the journal entries for the above transactions in the general journal. (30 pts) 2. Post your journal entries to the t-account general ledger. 3. Prepare the Trial Balance for LifeilsGood. (4 pts) 4. Prepare the Multi-step Income Statement for LifeilsGood. (10pts) 5. Prepare the Statement of changes of Stockholders' equity for LifeilsGood. (6 pts) 6. Prepare the Balance Sheet for LifeilsGood. (10 pts) Ensure to include a proper heading for each of the financial statements.Req-1 Req-2 Journal Entry cash Inventory Date Account Title & Explanation Debit Credit 01-Jan 40000 10000 02-Apr 01-Jul 7500 140 10-Jul 2021 10-Sep 20394 6400 01-May 01-Oct 4000 7360 01-Sep 01-Jan Cash 40000 30-Sep 20000 500 01-Jul End Bal 4000 Common stock 40000 6860 10-Jul (To record issue of Common stock ) 4000 01-Oct Account Payable End Bal 52634 10-Jul 7000 7000 01-Jul 02-Apr Land 10000 Cash 10000 Common stock End bal 0 (To record land purchased ) 40000 01-Jan End Bal 40000 Account Receivable 01-May Prepaid Insurance 6400 01-Sep 20600 20600 10-Sep Cash 6400 Prepaid Insurance (To record insurance paid in advance ) 01-May 6400 End Bal 4267 31-Dec 01-Jul Inventory 7500 End bal 2133 Sale Account Payable 7000 20600 01-Sep Cash 500 Sale Discount End Bal 20600 ( To record inventory Purchased ) 10-Sep 206 End Bal 206 Cost of Goods sold 10-Jul Account Payable 7000 01-Sep 7360 Inventory 140 Gain on sale of land End Bal 7360 Cas 6860 10000 30-Sep (To record Cash paid ) End Bal 1000 Insurance expenses 31-Dec 4267 01-Sep Account Receivable 20600 Land End Bal 4267 Sale 20600 02-Apr 10000 10000 To record sale End Bal 0 01-Sep Cost of Goods sold 7360 Inventory 7360 (To record cost of Sale 10-Sep Cash 20394 Sale Discount 206 Account Receivable 20600 (To record cash collected ) 30-Sep Cash 20000 Gain on sale of Land 1000 Land 10000 (To record land Sold ) 01-Oct Inventory 4000 Cash 4000 (To record inventory Purchased ) 31-Dec Insurance expenses 4267 Prepaid insurance 4267 ( To record insurance expenses )Req-3 LifeilsGood Co. Reg-4 LifeilsGood Co. Req-6 LifeilsGood Co. Trial Balance Income statement Balance sheet December 31, 2021 December 31, 2021 December 31, 2021 Account Title Debit Credit Sale 20600 Assets Cash 52634 Cost of Goods sold 7360 Cash 52634 Inventory 4000 Gross profit 13240 Inventory 4000 Preaid Insurance 2133 Expenses Preaid Insurance 2133 Account Receivable 0 Insurance expenses 4267 Total Assets 58767 Land 0 Sale discount 206 4473 Liability Account Payable 0 Operating Income 8767 Equity common stock 40000 Other income & Expenses common stock 40000 Sale 20600 Gain on sale of land 10000 Retained Earning 18767 58767 Cost of Goods sold 7360 Net Income 18767 Insurance expenses 4267 Total Liability & Equity 58767 Sale discount 206 Req-5 LifeilsGood Co. Gain on sale of land 10000 Statement of Change in Stockholder equity Total 70600 70600 December 31, 2021 Beginning Balance - Common stock 0 Add: Issue during the Year 40000 Ending Balance - Common stock 40000 Beginning Balance - Retained earning 0 Add: Net Income 18767 Less : Dividend Ending Balace - Retained earning 18767 Total Stockholder Equity 58767