Prepare journal entries, an income statement for the year ended 30 June 2019 and a balance sheet as at 30 June 2019.

Prepare journal entries DRAGONS LTD BALANCE SHEET AS AT 30 JUNE 2018 Assets $ Liabilities and shareholders' equity Current assets Current liabilities Cash 14 000 Accounts payable 12 000 Accounts receivable 36 000 Tax payable 6 000 Inventory 42 000 Shareholders' equity Share capital 40 000 Retained profits 34 000 92 000 92 000 During the year ended 30 June 2019, the following information was recorded in the company's accounts: 1 Credit sales, $200 000. 2 Cash sales, $6000. 3 Collections from customers, $150 000 4 Purchases of inventory on credit, $70 000. 5 Payments of accounts payable, $50 000 6 Cost of goods sold, $80 000 7 Wages expense, $90 000, not yet paid. 8 Wages paid, $22 000. 9 Paid tax payable, $6000. 10 Cash dividends of $20 000, declared and paid. 117