Please only make Journal Entry Sheet and Adjusting Entries sheet. Thanks!

1) Prepare Financial Statements for Dec 31, 2018 from transactions listed at bottom of the page, excluding Statement of Cash Flows. Turn in Journal Entries, Trial Balance, Adjusted Journal Entries, Adjusted Trial Balance, and Post-Closing Trial Balance separately. Helpful hints-Please double check your work, make sure it balances, make sure accounts are in the correct order. Madoff's Marijuana Dispensary had the following beginning balances December 1, 2018. Cash 5 3,000,000 Rent Expense 22,000 Inventory 150,000 Prepaid Rent 2,000 Equipment 3,000,000 Accumulated Depreciation 50,000 Accounts Payable 25,000 Salaries 8: Wages Payable 10,000 Advertising Expense 2,500 Notes Payable 300,000 Supplies 500 Retained Earnings 2,402,500 Preferred Stock, 3% cumulative, $1 par value $25,000 Common Stock, $0.01 par value; $100,000 Authorized 32 million shares; Issued 18 million shares Additional Paid l_n Capital 500,000 Treasury Stock (8 million shares at cost) 40,000 Sales Revenue 3,000,000 Cost of Goods Sold 500,000 Loan from Owner 500,000 Insurance Expense 11,000 Salaries 8: Wages Expense 130,000 Utilities Expense 5,000 Supplies Expense 3,000 Prepaid Insurance 13,000 Payroll Tax Expense 10,000 Repairs & Maintenance Expense 3,500 Legal Expense 15,000 Accounting Expense 5,000 All Adjustments are made at the end of the year. The following information is relevant: Owner is to be paid back over 5 years beginning next year. Had supplies on hand of $200 Equipment is specialized machinery depreciated using the straight-line method for 10 years with $250,000 residual value. The following transactions occurred during the month: Used $1,000 of prepaid insurance for the month of December Used $2,000 of prepaid rent for the month of December Dec 1- Bought a new truck for $20,000 paid cash. At the end of the rst year the truck had been driven 7,000 miles. Truck is expected to last 10 m have a residual value of $5,000. Depreciated using the straight-line method. Dec 2 Sold $100,000 worth of product for cash (cost us 50,000) Dec 2- Paid employees all money owed Dec 5 Fixed windows, cost $5,000. Paid in cash Dec 8 Sold 1,000 shares of common stock for $10 per share, cash Dec 10 - Repurchased 3,500 shares of stock at 515 per share Dec 15 - Reissued 3,000 shares of Treasury stock at $30 per share (bought Dec 10th} Dec 31 - Paid gm bonus of $15,000 Owe employees for 3 days of work (Dec 29-31) at $1,000/day Dec 31 - Paid Accountant $3,000 for work related to December. Paid in cash. Jan 2 - Sold $500,000 worth of product (cost us $250,000)