PLEASE answer all parts

18) The trial balance of Beach Chairs Inc, at January 1. 2021, includes the following account balances: The following is a summary of the transactions for the year: a. Purchase new equipment, $25,000, on account. The company estimates the useful life is 5 years with no residual value. b. Purchase inventory for $60,000 cash. c. Sell product on account, $65,000. The cost of the product was $40,000. d. Pay annual maintenance on the equipment, $4,000. c. Collect on accounts receivable, $68,000. f. Pay accounts payable, $25,000. g. Purchase supplies for $3,000 cash. h. Purchase postage stamps with a credit card, payable in 2022, 5100 . Required: 1. (22 points) Record each of the transactions listed above. 2. (10 points) Record adjusting entries based on the following information: a 1. Supplies remaining on hand at the end of the year equal 52,000 . Hint: Stypplies expense is $1,000. a2. Interest on the note for 2021 is $1,500, payable in 2022. The principal on the note is payable in 2023. a3. Depreciation on the equipment for 2021 is $5,000. a4. The ending balance of the allowance account should be $1,000. Hint: Bad debt expense for the year is $700. 2. Record adjusting entries (a1) (a2)