Prepare Journal entries for the following transactions (including adjusting entries) Post all transactions (including adjusting entries) to the general ledger t accounts Complete an adjusted trial balance with proper heading Prepare an income statement, balance sheet, and statement of retained earnings with proper headings Prepare closing entries Prepare a post closing trial balance Write a summary (at least 250 words) about the performance of this company for its first month in operations You may include comments about the gross profit, gross profit margin, profitability, any controls that should be in place for this type of business, and other metrics such as current ratio, equipments book value, and other comments you would like to make June 1 Gus issued $50,000 shares of common stock for cash June 4 Gus purchased mechanical equipment for $105,000 $10,000 was paid immediately with cash, and the remainder was billed to Gus with payment due in 30 days with an interest component of 5 3 APR Also, Gus purchases on account $2,600 worth of car trinkets he plans to sell June 5 Gus purchases supplies for $900 cash for the business June 6 June 12 Repair sales for the day totaled $7,560 Gus sells some trinkets on account for a sales price of $300 and the cost was $150 June 14 Gus pays a $50 electric bill on account June 16 Gus takes out a 6 month insurance policy for the $6,000 and pays cash Also, Gus receives $6,200 in cash for a large job that he will compete mostly in July June 18 Gus distributed $150 cash in dividends to stockholders June 19 Gus paid $1,000 toward the outstanding liability (Notes Payable) from the June 4 th transaction June 22 Gus paid $600 cash in salaries expense to employees June 28 The customer from the June 12 transaction pays $100 cash toward his account balance with Gus June 29 Repair Sales for the day totaled $4,300 Adjusting Entries Date Transaction June 30 Gus took an inventory of supplies and discovered that $80 of supplies remain unused at the end of the month June 30 The equipment purchased on June 4 has a useful life of 2 years Book depreciation for June June 30 From the June 16 th transaction, revenue earned this month was $1,200 June 30 Accrue for interest for the month of June from the June 4 th transaction The following accounts will be used Cash, Accounts Receivable, Interest Expense, Interest Payable, Supplies, Equipment, Inventory, Accumulated Depreciation, Notes Payable, Accounts Payable, Common Stock, Unearned Revenue, Prepaid Expenses, Insurance Expense, Dividends, Sales Revenue, Service Revenue, Cost of Goods Sold, Utilities Expense, Supplies Expense, Salary Expense, and Depreciation Expense

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Prepare Journal entries for the following transactions (including adjusting entries) Post all transactions (including adjusting entries) to the general ledger t-accounts Complete an adjusted trial

Prepare Journal entries for the following transactions (including adjusting entries)
Post all transactions (including adjusting entries) to the general ledger t-accounts
Complete an adjusted trial balance with proper heading
Prepare an income statement, balance sheet, and statement of retained earnings with proper headings
Prepare closing entries
Prepare a post-closing trial balance
Write a summary (at least 250 words) about the performance of this company for its first month in operations. You may include comments about the gross profit, gross profit margin, profitability, any controls that should be in place for this type of business, and other metrics such as current ratio, equipments book value, and other comments you would like to make.

June 1	Gus issued $50,000 shares of common stock for cash.
June 4	Gus purchased mechanical equipment for $105,000; $10,000 was paid immediately with cash, and the remainder was billed to Gus with payment due in 30 days with an interest component of 5.3% APR. Also, Gus purchases on account $2,600 worth of car trinkets he plans to sell.
June 5	Gus purchases supplies for $900 cash for the business.
June 6 June 12	Repair sales for the day totaled $7,560 Gus sells some trinkets on account for a sales price of $300 and the cost was $150.
June 14	Gus pays a $50 electric bill on account.
June 16	Gus takes out a 6-month insurance policy for the $6,000 and pays cash. Also, Gus receives $6,200 in cash for a large job that he will compete mostly in July.
June 18	Gus distributed $150 cash in dividends to stockholders.
June 19	Gus paid $1,000 toward the outstanding liability (Notes Payable) from the June 4^thtransaction.
June 22	Gus paid $600 cash in salaries expense to employees.
June 28	The customer from the June 12 transaction pays $100 cash toward his account balance with Gus.

June 29 Repair Sales for the day totaled $4,300

Adjusting Entries:

Date	Transaction
June 30	Gus took an inventory of supplies and discovered that $80 of supplies remain unused at the end of the month.
June 30	The equipment purchased on June 4 has a useful life of 2 years. Book depreciation for June.
June 30	From the June 16^th transaction, revenue earned this month was $1,200.

June 30 Accrue for interest for the month of June from the June 4^th transaction.

The following accounts will be used: Cash, Accounts Receivable, Interest Expense, Interest Payable, Supplies, Equipment, Inventory, Accumulated Depreciation, Notes Payable, Accounts Payable, Common Stock, Unearned Revenue, Prepaid Expenses, Insurance Expense, Dividends, Sales Revenue, Service Revenue, Cost of Goods Sold, Utilities Expense, Supplies Expense, Salary Expense, and Depreciation Expense.