On january 1, 20x7, jacqueline Fernandez formed a corporation to purchased wheat harvesting equipment and provide contract support service to farmers throughout the Midwest. Information about the fist year of operation follows:

A On January 1, 20X7, Jacqueline Fernandez formed a equipment and provide contract support services to farmers throughout the Midwest Information about the first year of operation follows: corporation to purchase wheat harvesting 1 Jan. 1 Investors provided $2,500,000 of cash in exchange for stock of Fernandez 2 Cornoration Jan. 1 Purchased combines and trucks in exchange for $1,000,000 cash and a $3,000,000 note payable 3 Feb. 7 Purchased $40,000 of supplies on account that will be needed during the upcoming harvest 4 Mar. 3 Paid wages of $65,400 5 Apr. 1 Billed customers for services in the amount of $230,000 6 Apr. 11 Paid $30,000 toward the purchase of February 7 7 Purchased a $24,000 insurance policy, recorded as May 1 prepaid insurance 8 June 6 Collected $210,000 on accounts receivable June 9 Paid wages of $130,600 10 Paid $30,200 for fuel costs June 15 11 Paid $12,500 for lodging costs incurred by crew June 20 12 June 30 Paid $120,000 of interest and $80,000 to reduce the balance of the note 13 navable Aug. 1 Billed customers for services provided in the amount of $812,000 Worksheet(c) Problem Worksheet(a) Worksheet(b) Worksheet(d) Readv T CO A June 30 Paid $120,000 of interest and $80,000 to reduce the balance of the note navable Aug. 1 Billed customers for services provided in the amount of $812,000 Sept. 3 Collected $715,000 on accounts receivable Sept. 16 Purchased $25,000 of supplies on account Paid $61,200 for fuel costs Sept. 25 Paid $8,100 for lodging costs incurred by crew Oct. 20 Paid wages of $125,900 Nov. 3 Collected $100,000 Dec. 15 deposits from customers who contracted for 20X8 as harvesting services Declared and paid a $25,000 dividend to shareholders Dec. 31 Fernandez Corporation uses the following accounts: Cash Accounts Supplies Prepaid FERNANDEZ CORPORATION Post-Closing Trial Balance December 31, 20X7 Credits Debits A On January 1, 20X7, Jacqueline Fernandez formed a equipment and provide contract support services to farmers throughout the Midwest Information about the first year of operation follows: corporation to purchase wheat harvesting 1 Jan. 1 Investors provided $2,500,000 of cash in exchange for stock of Fernandez 2 Cornoration Jan. 1 Purchased combines and trucks in exchange for $1,000,000 cash and a $3,000,000 note payable 3 Feb. 7 Purchased $40,000 of supplies on account that will be needed during the upcoming harvest 4 Mar. 3 Paid wages of $65,400 5 Apr. 1 Billed customers for services in the amount of $230,000 6 Apr. 11 Paid $30,000 toward the purchase of February 7 7 Purchased a $24,000 insurance policy, recorded as May 1 prepaid insurance 8 June 6 Collected $210,000 on accounts receivable June 9 Paid wages of $130,600 10 Paid $30,200 for fuel costs June 15 11 Paid $12,500 for lodging costs incurred by crew June 20 12 June 30 Paid $120,000 of interest and $80,000 to reduce the balance of the note 13 navable Aug. 1 Billed customers for services provided in the amount of $812,000 Worksheet(c) Problem Worksheet(a) Worksheet(b) Worksheet(d) Readv T CO A June 30 Paid $120,000 of interest and $80,000 to reduce the balance of the note navable Aug. 1 Billed customers for services provided in the amount of $812,000 Sept. 3 Collected $715,000 on accounts receivable Sept. 16 Purchased $25,000 of supplies on account Paid $61,200 for fuel costs Sept. 25 Paid $8,100 for lodging costs incurred by crew Oct. 20 Paid wages of $125,900 Nov. 3 Collected $100,000 Dec. 15 deposits from customers who contracted for 20X8 as harvesting services Declared and paid a $25,000 dividend to shareholders Dec. 31 Fernandez Corporation uses the following accounts: Cash Accounts Supplies Prepaid FERNANDEZ CORPORATION Post-Closing Trial Balance December 31, 20X7 Credits Debits