JackJoe, Inc. sells toy mice to high end pet stores. It was formed on Jan $1,208$ with a sale of $$1$ par value common stock and the issuance of a Bond.

Following is JackJoe's trial balance after the first year of operation, through December $1208.$This trial balance does not reflect the transactions that occured during the last month of the year or adjustments that are necessary, as described by the additional information. The Bond payable was sold on Jan $1208$ and is due in $4$ years, interest of $12\%$ is payable annually on Dec. $31.$ JackJoe, Inc. sells toy mice to high end pet stores. It was formed on Jan $1,208$ with a sale of $$1$ par value common stock and the issuance of a Bond. Following is JackJoe's trial balance after the first year of operation, through December $1208.$ This trial balance does not reflect the transactions that occured during the last month of the year or adjustments that are necessary, as described by the additional information. The Bond payable was

TRANSACTION:

$1.$ JackJoe's president, Elizabeth, decided the company needed more capital, so she sold

$10,000$ shares of stock on December $1$ for $ $29,000.$

$2.$ JackJoe received payment to settle a $$10,000$ Account receivable on December $2.$ The terms $o$f the receivable were $2/10,$ N $30$ and the payment reflected that it was within the discount period.

$3.$ JackJoe sold $ $19,000$ of toy mice, on December $22.$ The terms of the sale were $2/10,\frac{N}{?}30.$ JackJoe uses a periodic inventory system.

$4.$ JackJoe performed a physical inventory at yearend and no inventory remained. JackJoe's accounting policy is LIFO periodic.

$5.$ The equipment was purchased near the beginning of the year. It has a $10$ year life with no salvage value.

$6.$ Record the first interest payment on the bond.

$7.$ Supplies on hand at year end were counted, and amount to $$500.$

$8.$ The board of directors declared a dividend of $50$ cents per share on Dec. $31.$ The date of

record is Jan $15,20$x$9$ and the payment date is Feb $1,20$x$9.$

STEPS $TO$ COMPLETE:

a$)$ Set up a chart of accounts.

b$)$ Create the General journal related to all $8$ transactions given above and make sure to include all the calculations work.

$($c$)$ Set up a General Ledger.

$($d$)$ Determine the adjusted balances of the accounts.

$(e)$ Prepare the adjusted trial balance.

$($f$)$ Prepare the multi$-$step income statement, statement of retained earnings and classified

balance sheet with a detailed stockholders' equity section and analyze the results of the

period. One paragraph minimum.