• Invested 130,000 in the business.
• purchased an auto 60,000 paying cash down of 40,000 and obtained a bank note of 20,000 for the balance. purchased supplies for 7,000 on account
• received car rental revenue of 120,000
• paid rental expense of 20,000
• paid insurance expense of 3,000
• paid salaries of 40,000 paid 15,000 principal on note plus 2,500 in interest.
• supplies on hand at end of period total 3,500.
• withdrew 50,000 from the business.

1. Prepare journal entries
2. Post to ledger
3. Prepare trial balance
4. Prepare income statement
5. Prepare statement of owners equity Accounting