1. Newman, Inc. was formed on January 1, 2016. The following transactions took place during the first month.

• Transactions on January 1, 2016:

1. 1. John Newman invested $60,000 for 1,000 shares of the companys no-par common stock.
   2. Signed a $30,000 note payable due in one year with an interest rate of 12%.
   3. Purchased equipment costing $36,000. Equipment has a 10 year life and no salvage value. The company will use the straight line method.
   4. Paid $10,800 cash for a one-year insurance policy.

• Transactions during the remainder of the month:

1. 1. Purchased office supplies for $9,000 on account.
   2. Total revenues earned were $30,000. The amount of $6,000 was received in cash and remaining $24,000 was on account.
   3. Paid $2,400 of the amount owed for the supplies purchased on account in transaction 5.
   4. Received $18,000 from customers in partial payment of the accounts receivable created in transaction 6.
   5. Declared and paid a dividend of $3,000.
2. Prepare journal entries to record each of the events listed above.
3. Post the journal entries to T accounts
4. Prepare a trial balance. Additional information for adjusting entries:
5. Supplies on hand at end of the month were $1,800.
6. Prepare required adjusting journal entries.
7. Post the adjusting journal entries to T accounts
8. Prepare an adjusted trial balance.
9. Prepare Income Statement
10. Prepare Statement of Retained Earnings
11. Prepare a Classified Balance Sheet
12. Prepare and post Closing entries