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22. SHORT REVIEW PROBLEM OF ACCOUNTING CYCLE OCT Y, Owners invest $20,000 cash. Buy machine for $5,000 cash. Buy supplies on account, $1,000. 5 Perform services for $8,000 cash. '20: Pay telephone, $400 22 Pay owners $2,000 (drawing) 28: Pay $300 on account for the transaction of Oct 1 0h INSTRUCTIONS Journalize the above transactions. Post to the T-accounts. C. Do a trial balance (dated Oct. 315) DDo adjusting journal entries, using the following: 1. Machine depreciated by $1,000 2. Supplies remaining 700 3. Receive Con Ed bill, $800 (not paying now). 4. Owe the workers a salary of $1,300 E. F. G. Post the adjusting entries to the T-accounts. Do an adjusted trial balance. Prepare three financial statements. 1. Income statement 2. Capital statement 3. Balance sheet HH. Do Closing entries. o a BE/review