Practice 2 1. Salim started a business with $10000 in cash. 2. Purchased an equipment for $5000 and submitted a note. 3. Received $1200 in cash for services to be provided in the future. 4. Paid $900 for rent expense. 5. Paid $600 for next year insurance. 6. Purchased supply for $2500 on account. 7. Cash withdrawn by Silm $500 8. Paid salary expense $4000 9. Received from ABC Company $10000 for services provided. Required 1. Journalize the above transactions. 2. Conduct the posting step 3. Prepare a trail balance. 4. Prepare an Income statement. 5. Prepare a balance sheet