Journalize the following transactions, post to T-accounts, balance the T-accounts, Prepare a trial balance, journalize adjusting entries, prepare adjusted trial balance, journalize closing entries, and finally prepare Income Statement, Statement of Retained Earnings, Balance Sheet,and Statement of Cash Flows. Please use the following Chart of accounts.

101	Cash	230	Interest Payable
106	Accounts Receivable	301	Common Stock
126	Inventory	350	Retained Earnings
128	Prepaid Insurance	405	Sales Revenue
131	Prepaid Rent	406	Sales Discounts and Allowance
135	Prepaid Advertising	501	Cost of Goods Sold
163	Office Equipment	520	Utility Expense
164	Mixing Barrels	525	Wage Expense
165	Factory Equipment	530	Interest Expense
190	Accumulated Depreciation	535	Rent expense
201	Accounts Payable	545	Insurance Expense
215	Notes Payable	560	Depreciation Expense
220	Line of Credit	565	Advertising Expense

Additional information:

Grandpas Cough Inc. (GCI) sells a uniquely flavored cough syrup either wholesale or through its own storefront.

Cases contain 24 bottles. Each bottle costs the company $2 to make and the company sells bottles for $4.5. Each case is sold for $90 the cost to ship is paid for by the customer. Customers pay at the last minute of their terms unless otherwise noted.

Gene has a revolving line of credit with a local bank, if the cash balance drops below $15,000 then Gene will draw money against the line of credit in $5,000 increments, until the balance is above $25,000. Simple interest rate on the line is 3.4%.Interest accruesdaily and paid at the end of each month.

The company maintains inventory at $72,000, and will purchase materials every time the inventory drops below that amount in $4,000 increments, vendor pays shipping. Terms are N/15. Gene pays all bills at the last minute.

All depreciation is straight-line with no residual value.

Office equipment is expected to last 5 years

Factory Equipment is expected to last 4 years

Mixing barrels are expected to last 10 years.

Round all answers to the nearest dollar