1. Prepare journal entries (including explanations) for each transaction and T accounts.
2. Prepare adjusting entries and T accounts (including explanations)
3. Prepare a Trial Balance.
4. Prepare closing entries using journal entries and T accounts
5. Distribute dividends of 50% of the year end Net income, using journal entries and T accounts.
6. Prepare an income statement
7. Prepare a balance sheet (after closing)
8. Prepare a statement of retained earnings.

Daniel, opened a retail nuts store on December 1, current year. The following are the business transactions for December. Dec. 1 Daniel invested 280,000 cash in the business in exchange for 1,000 shares of capital stock. A store was purchased for 500,000. A cash payment of 80,000 was made at the time of the purchase, and a note payable was issued for the remaining balance. Dec. 9 Office furniture was purchased for 55,000 cash. The furniture is planned to be replaced for new in 7 years time. Dec. 4 Dec. 10 Acquired 1000kg of pistachios for 50 each. The invoice is due in 15 days. Dec. 15 Contracted and paid an insurance policy for the next year, until Dec 15 of next year, for an amount of 12,000. Sold 500 Kg of pistachios at a price of 90 per kg. Dec. 16 Dec. 17 Acquired 1500kg of pistachios for 49 each. The invoice is due in 15 days. Dec. 18 Sold 1000 kg of pistachios at a price of 85 per kg. Dec. 19 Acquired 2000kg of pistachios for 48 each. The invoice is due in 15 days. Dec. 20 Sold 2100 kg of pistachios at a price of 70 per kg. Dec. 27 A 850 invoice was received for several legal consulting fees placed in December. The entire amount is due on January 8. Dec. 31 Paid employees 3,200 for salaries earned in December. te: Pistachios are treated as inventory, the company uses perpetual inventory and LIFO criteria