Provide Journal Entries and Trial Balance

Company was organized by Mr.William. The following transactions were completed in 2002.

1. Mr.William paid in $50,000 to start the business.
2. Equipment for the use in the business was purchased for $12,000. One-half of the price was paid in cash; the rest was due in a year.
3. Service Fees earned were $75,000; $10,000 of this was on credit.
4. Operating expenses incurred were $45,000; $8,000 was on credit.
5. Half the money owed to Mr William .was collected.
6. Three thousand dollars owed by Mr William was paid off.
7. Mr William bought a car for $18,000 for his personal use, half paid for now from his personal savings and half to be paid in a year.

Questions:

1. Provide journal entries for each of the events.

2. Prepare a trial balance at the end of the year for Mr William Company.