NovaTech Solutions started its operations with these transactions:
1.Issued $200,000 in common stock.
2.Purchased office equipment for $50,000 on credit.
3.Paid $6,000 for marketing.
4.Provided IT consulting services worth $100,000 (cost $40,000) on account.
5.Paid $50,000 in wages.
6.Received $80,000 from clients.
7.Paid $5,000 for office supplies.
Requirement: Prepare journal entries and create a trial balance.