Prepare a Post Closing Trial Balance with the following information Record the transactions for Sharpe Inc. in the general journal The journal entries are to include journal entries for transactions throughout the year, adjusting journal entries and closing entries $$ identify each group of transactionsFirst, record the journal entries in the order of the accounting cycle, starting with the regular$/$daily transactions through December $31,2023.$

Use only the accounts provided. Round all amount to the nearest whole dollar.

Step $3-$ Post the transactions to the T$-$accounts

The amounts $($in bold$)$ already in the T$-$accounts are the beginning balances and should be included in your account balances.

Step $4-$ Prepare a Trial Balance

The total of the Trial Balance should be $$4,481,028.$ If your balance does not agree, make any necessary corrections before you proceed.

Step $5-$ Prepare Adjusting Entries

Record the adjusting entries in the general journal after the journal entries you recorded in step #$2.$ All the adjusting entries should be dated December $31.$

Step $6-$ Prepare an Adjusted Trial Balance

prepare the Adjusted Trial Balance $[$after recording and posting the adjusting journal entries to the T$-$accounts. The total of the Adjusted Trial Balance should be $$4,518,321.$ If your balance does not agree, make any necessary corrections before you proceed.

Step $7-$ Prepare the Income Statement

Net Income should be $$672,951.$

Step $8$ Prepare a Retained Earnings Statement and Balance Sheet

Prepare the Retained Earnings Statement and the Balance Sheet the same way you did the Income Statement using the amounts from the Adjusted Trial Balance. Total Assets should be $$3,108,019.$

Step $9$ Prepare and Record Closing Entries

Prepare and record the necessary closing entries for the year ended, December $31,2023.$

Step $10$ Prepare a Post$-$Closing Trial Balance

Dinah Soars, Biff Wellington and Duane Pipe are the stockholders of Sharpe, Incorporated. The Articles of Incorporation for the corporation authorized $500,000$ shares of $$2$ par common stock, and $100,000$ shares of $$30$ par, $4\%,$ preferred stock. As of January $1,2023,$ there were $24,000$ shares of common stock issued and outstanding and $5,000$ shares of preferred stock issued and outstanding.

Selected transactions completed by Sharpe Incorporated during the fiscal year$-$ending December $31,2023,$ are as follows:

Jan $1$ Issued $12,500$ shares of $$2$ par common stock at $$22,$ receiving cash.

Jan $1$ Issued $5,800$ shares of $$30$ par, $4\%,$ preferred stock at $$70$ for cash.

Feb $1$ Purchased equipment for $$195,000,$ paying $$15,000$ cash and financing the remainder with a $180-$day, $6\%$ note payable.

Mar $15$ Purchased land for $$352,000$ by issuing $20,000$ shares of common stock.

Mar $31$ Purchased a two$-$year insurance policy for $$36,600.$

May $1$ Purchased $1,750$ shares of the company$$s own common stock at $$22$ per share.

May $31$ Issued $$1,000,000$ of $8-$year, $7\%$ bonds with interest payable semiannually. The amount of cash received was $$926,896.$

July $30$ Paid the amount due on the note payable signed on February $1.$

Aug $1$ Sold $430$ shares of treasury common stock purchased on May $1$ for $$25$ per share.

Sept $15$ Declared a $2\%$ stock dividend on common stock to be distributed on September $30$ to stockholders of record on September $20.$ The market price per share on September $15$ is $$25$ per share.

Sept $30$ Distributed the stock dividend declared September $15.$

Oct $1$ Borrowed $$40,000$ from Second Bank by issuing an $7\%$ note. The note is to be repaid in quarterly payments of principal plus interest totaling $$1,860$ per quarter.

Oct $16$ Sold $370$ shares of treasury common stock purchased on May $1$ for $$18$ per share.

Nov $30$ Paid the semiannual interest and amortized the discount on the bonds issued on May $31.$

Dec $1$ Declared a cash dividend at the stated amount to preferred stockholders and $\mathrm{.}40$ per share to common stockholders payable on December $30$ to stockholder$$s of record on December $16.$

$($Hint: don$$t forget the shares distributed from the stock dividend$)$

Dec $30$ Paid the cash dividends declared on December $1.$

Dec $31$ Paid the first quarterly installment of the note issued on October $1.$

Dec $31$ Record revenue for the year of $$1,975,000,$ received $$500,000$ in cash, the remainder is on account.

Dec $31$ Record expenses for the year, paid in cash $($one compound entry$)$:

Rent $$170,000$

Utilities $13,200$

Salaries $760,000$

Advertising $140,000$

Medical insurance $32,000$

Commissions $63,000$

Legal and accounting $18,000$

Miscellaneous $8,400$

Adjusting Entries $($At December $31,2023)$

$(1)$ The employees$$ accrued vacation pay at the end of the year was $$11,880.$

$(2)$ Record depreciation on the equipment purchased on February $1,$ using the