Problem: XYZ Company Accounting Cycle for Year $1$

ABC Retail is a merchandising company that sells clothing items. The company's fiscal year ends on December $31.$ Below are selected transactions and events that occurred during the accounting cycle for Year $1.$ If you prefer to use Excel for this, please submit the excel file.

Use this information to prepare: $1)$ Journal entries, $2)$ ledger accounts, $3)$ trial balance, $4)$ adjusting entries, $5)$ adjusted trial balance, $6)$ the four financial statements, $7)$ closing entries, $8)$ post$-$closing entries, and $9)$ post$-$closing trial balance.

January $1$: ABC Retail started its operations with an initial investment of $$150,000$ in cash and $$250,000$ in merchandise inventory.

January $5$: Purchased additional merchandise on account for $$50,000.$

January $15$: Paid $$8,000$ in cash for operating expenses.

February $1$: Began selling merchandise.

March $10$: Purchased more merchandise for $$30,000$ in cash.

April $2$: Sold $$40,000$ worth of merchandise on account.

May $1$: Received $$20,000$ in cash from customers for merchandise previously sold on account.

June $1$: Declared and paid a cash dividend of $$4,000.$

July $1$: Accrued $$5,000$ of interest on a bank loan.

August $15$: Purchased additional merchandise for $$20,000$ in cash.

September $30$: Adjusted the company's records to reflect the use of $$3,000$ worth of supplies during the month.

October $1$: Received a $$15,000$ loan from the bank, signing a $6-$month note at $6\%$ interest.

November $15$: Repaid $$8,000$ of the bank loan, including interest.

December $31$: Accrued $$4,000$ in unpaid salaries.