MNO Ltd. has the following transactions for the month of June 2023:

• June 1: Purchased inventory on account for $10,000.
• June 5: Sold goods costing $5,000 for $8,000 on account.
• June 10: Paid $500 for advertising expenses.
• June 15: Collected $3,000 from customers on account.
• June 20: Paid suppliers $4,000.
• June 25: Declared and paid dividends of $1,000.

Requirements:

1. Record the journal entries for the transactions.
2. Post the journal entries to the ledger.
3. Prepare a trial balance as of June 30, 2023.
4. Prepare an income statement for June 2023.
5. Discuss the significance of the cash flow from operating activities.