On June 1, Gus Kotos opened an auto repair shop in High Point, NC. Gus had...

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On June 1", Gus Kotos opened an auto repair shop in High Point, NC. Gus had the following entries in the month of June. Hand write your answers to steps 1-6 and step 7 can be typed. ROUND ALL CALCULATIONS TO THE NEAREST WHOLE DOLLAR. 1. Prepare Journal entries for the following transactions (including adjusting entries) 2. Post all transactions (including adjusting entries) to the general ledger - t-accounts 3. Complete an adjusted trial balance with proper heading 4. Prepare an income statement, balance sheet, and statement of retained earnings with proper headings 5. Prepare closing entries 6. Prepare a post-closing trial balance 7. Write a summary (at least 250 words) about the performance of this company for its first month in operations. You may include comments about the gross profit, gross profit margin, profitability, any controls that should be in place for this type of business, and other metrics such as current ratio, equipment's book value, and other comments you would like to make. + June 1 Gus issued $50,000 shares of common stock for cash. June 4 Gus purchased mechanical equipment for $105,000; $10,000 was paid immediately with cash, and the remainder was billed to Gus with payment due in 30 days with an interest component of 5.3% APR. Also, Gus purchases on account $2,600 worth of car trinkets he plans to sell. June 5 Gus purchases supplies for $900 cash for the business. June 6 Repair sales for the day totaled $7,560 June 12 Gus sells some trinkets on account for a sales price of $300 and the cost was $150. June 14 Gus pays a $50 electric bill on account. June 16 Gus takes out a 6-month insurance policy for the $6,000 and pays cash. Also, Gus receives $6,200 in cash for a large job that he will compete mostly in July. June 18 Gus distributed $150 cash in dividends to stockholders. June 19 Gus paid $1,000 toward the outstanding liability (Notes Payable) from the June 4th transaction. June 22 Gus paid $600 cash in salaries expense to employees. On June 1", Gus Kotos opened an auto repair shop in High Point, NC. Gus had the following entries in the month of June. Hand write your answers to steps 1-6 and step 7 can be typed. ROUND ALL CALCULATIONS TO THE NEAREST WHOLE DOLLAR. 1. Prepare Journal entries for the following transactions (including adjusting entries) 2. Post all transactions (including adjusting entries) to the general ledger - t-accounts 3. Complete an adjusted trial balance with proper heading 4. Prepare an income statement, balance sheet, and statement of retained earnings with proper headings 5. Prepare closing entries 6. Prepare a post-closing trial balance 7. Write a summary (at least 250 words) about the performance of this company for its first month in operations. You may include comments about the gross profit, gross profit margin, profitability, any controls that should be in place for this type of business, and other metrics such as current ratio, equipment's book value, and other comments you would like to make. + June 1 Gus issued $50,000 shares of common stock for cash. June 4 Gus purchased mechanical equipment for $105,000; $10,000 was paid immediately with cash, and the remainder was billed to Gus with payment due in 30 days with an interest component of 5.3% APR. Also, Gus purchases on account $2,600 worth of car trinkets he plans to sell. June 5 Gus purchases supplies for $900 cash for the business. June 6 Repair sales for the day totaled $7,560 June 12 Gus sells some trinkets on account for a sales price of $300 and the cost was $150. June 14 Gus pays a $50 electric bill on account. June 16 Gus takes out a 6-month insurance policy for the $6,000 and pays cash. Also, Gus receives $6,200 in cash for a large job that he will compete mostly in July. June 18 Gus distributed $150 cash in dividends to stockholders. June 19 Gus paid $1,000 toward the outstanding liability (Notes Payable) from the June 4th transaction. June 22 Gus paid $600 cash in salaries expense to employees.