Mitchells Auto Supplies was incorporated on January 1, 2021 with an initial capital of 3,500 shares of common stock having $45 par value. During the first month of its operations, the company engaged in following transactions:

January 02, 2021 Paid rent of $33,000 in advance for three months

January 03, 2021 Purchases office supplies costing $11,750 on credit

January 04, 2021 Provided services to customers and received $42,250 in cash

January 13, 2021 Paid $38,000 cash on the purchase of fixtures costing 60,000. The remaining amount was recognised as a one year note payable with interest of 15%.

January 14, 2021 Paid the accounts payable on the office supplies purchased on January 03.

January 15, 2021 Paid wages to employess for the first two weeks of January totalling $9,550.00.

January 18, 2021 Provided $32,050 worth of service to customers. They paid 12,950 and promised to pay the remaining balance.

January 20, 2021 Customers paid $22,150 for the services provided on January 18, 2021

January 23, 2021 Received $4,000 as an advance payment from customers

January 25, 2021 Bought office supplies costing 12,600 on credit

January 28, 2021 Paid wages to employees for the third and fourth week of January $19,550

January 29, 2021 Paid dividends to directors of $3,750

January 29, 2021 Received electricity bill of $22,285

January 30, 2021 Received telephone bill $12,797

January 31, 2021 Paid miscellaneous expenses $27,750.00

The following are the adjusted entries at the end of month for January 2019:

The fixtures costing $60,000 has useful life of 5 years and its estimated salvage $ 10,000. Depreciation is provided using the straight line depreciation method.

b) The interest rate on $22,000 note payable is 15%. Accrue the interest for one month.

c) $2,500 worth of service has been provided to the customer who paid advance amount of $4,000.

(a) Prepare the ledger accounts for the following transactions

(b) Prepare the Adjusted Trial Balance as at December 31, 2021

(c) Prepare the Income Statement for the period ended December 31, 2021

(d) Prepare the Balance Sheet as at December 31, 2021

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