Please take the following transactions and complete the following:

1) Prepare the Journal Entries for each transaction

2) Enter the Journal Entries in T-Accounts. Make sure to show a total on all T-Accounts

3) Prepare the adjusting journal entries that are necessary at the end of the period.

4) Prepare the Balance Sheet, Income Statement and Statement of Cash Flows as of and for the period ending December 31, 2019.

5) This can all be done in Excel. When you send it to me make sure it is ready to print on one page per section (i.e. Journal Entries, T-Accounts, Balance Sheet, Income Statement, etc.).

The following are the transactions for DML, Inc. who opened their manufacturing facility on October 1, 2018.

A) Sold $25,000 of Common Stock to a number of different investors on October 1, 2019.

B) Purchased a 1-year General Liability Insurance Policy on October 2, for $1,500.

C) Paid a total of $6,000 for six months of rent in advance on October 1, 2019.

D) Borrowed $12,000 from TD Bank on 10/2/19. Payment is due on September 30, 2019. The interest rate is 6% compounding annually.

E) Purchased $12,000 in manufacturing Equipment on 10/3/19. The equipment will be depreciated for 10 years.

F) Received $15,000 in advance for material it will deliver to a customer in January, 2020.

G) Paid Utilities of $1,000, $1,200, and $1,100 for Utilities in October, November, and December, respectively.

H) Paid $12,000 in salaries during the quarter.

I) Purchased $10,000 of inventory on account in November.

J) Sold $25,000 of finished goods to customers. $15,000 was received by December 31, 2019. The remainder was still due to DML, Inc. at December 31, 2019.

K) Paid $6,000 towards the inventory purchased by December 31, 2019.

L) A dividend of $500 was paid on December 20, 2019.

M) After preparing these entries in A) to L) adjust those accounts that are required.