IBM Corporation

Transactions for the month of July 2024:

1. Issued $40,000 worth of common stock.
2. Purchased inventory on credit for $25,000.
3. Paid $8,000 for rent.
4. Sold goods costing $18,000 for $45,000 on credit.
5. Paid $9,000 in salaries.
6. Paid $4,000 for utilities.
7. Collected $35,000 from customers on account.
8. Paid $10,000 for advertising.

Required:

1. Prepare the journal entries for the above transactions.
2. Post the journal entries to the Ledger Accounts.
3. Calculate the Trial Balance as at 31 July 2024.