Peak Performance Sports conducted the following transactions:
1.Issued $200,000 in common stock.
2.Purchased sports equipment for $60,000 on credit.
3.Paid $8,000 for marketing.
4.Sold memberships worth $90,000 (cost $30,000) on account.
5.Paid $50,000 in wages.
6.Received $70,000 from clients.
7.Paid $5,000 for office supplies.
Requirement: Prepare journal entries and create a trial balance.