i) Capital stock issued: $20,000

ii) Office equipment bought (and paid for in cash): $1,500

iii) Production consumables purchased in cash: $1,200

iv) Raw material purchased (on credit): $3,000

v) Production machinery purchased Long Term Note: $8,000

vi) Sale of finished goods (in cash) $8,700

vii) Sale of finished goods (on credit) $3,100

viii) Utilities (paid in cash): $1,200

ix) Wages and salaries paid in cash to employees: $2,500

x) Part payment to supplier (toward transaction iv) $1,000

You are required to:

(1) Summarize and post the above transactions.

(2) Prepare an income statement for the transactions during month of March.

(3) Prepare a balance sheet as on March 31.