IBM Corporation:

Transaction Description	Amount ($)
Initial Capital Investment by Owners	220,000
Purchase of Equipment (paid in cash)	50,000
Sales Revenue (50% on credit)	120,000
Payment of Rent	20,000
Purchase of Inventory on Credit	70,000
Payment to Suppliers	60,000
Collection from Credit Customers	60,000
Salaries and Wages Paid	35,000
Interest Expense	4,000
Depreciation on Equipment	5,000

Requirements:

1. Journalize the transactions for IBM Corporation.
2. Post the transactions to the general ledger.
3. Prepare a trial balance as of the end of the period.
4. Prepare an income statement and balance sheet for the period.