Question 2 Listed below are transactions of ABC corporation for the month of January January 1 ABC corporation invested $2820100 in cash and a land valued at $104040 in exchange for ordinary shares January 1 Purchased an equipment from Mason Co. for $1840 on account and signs a $60067, 3-year note payable with annual interest rate 10%. The equipment is depreciated at 11% per year January 2 Paid Insurance $6080 for twenty months January 4 Hired administrative assistant at a salary of $299 per week payable monthly January 5 Purchased supplies for cash $9425. On January 31, supplies on hand total $5065 January 8 Performed services for Ahmad, for which $13830 was collected in cash and $607030 was billed to the client. January 16 Received $6054 in advance from clients to perform services of seven months January 18 Paid Mason Co. $366. January 20 Received $9802 from Ahmad. January 31 ABC corporation owed its employees $2910 in salaries and wages that will be paid next month. January 31 One-third of net income was declared and paid as cash dividends. Instructions: 1. Prepare an adjusted trial balance at January 31 (12 points) 2. Prepare retained earnings account and show its ending balance, assuming that its beginning balance was $1030 debit (4 points) 3. Prepare closing entries at January 31 (4 points) THE END