Record the business activity as journal entries, post to Ledgers, prepare the unadjusted trial balance, prepare any adjusting entries for the month, and create the adjusted trial balance.

12/01/2020: Sell on account to Walker Fitness Gym, terms 1/15, n/30, the following: 36 Regular Bikes, 36 Regular Helmets, 14 XL Bikes, 14 XL Helmets.

12/02/2020: Pay for the helmet purchase that was made November 5^th.

12/03/2020: Purchase on account, terms 2/15, n/30, FOB Destination from Discount Sports Distribution the following items, and received the same day:

30 Regular Bikes for $92/each

16 XL Bikes for $101/each

80 Regular Helmets for $13/each

40 XL Helmets for $14/each

12/04/2020: Sold to cash customers 6 XL Bikes, 5 XL Helmets, 3 Regular Bikes, and 4 Regular Helmets.

12/5/2020: Sold to cash customers 22 Regular Bikes, 18 Regular Helmets, and 5 XL Bikes.

12/6/2020: Paid the bill for the purchase of the Point-of-Sale system.

12/8/2020: Received a utilities bill for the bundled phone/internet for the shop. Paid it the same day, $245.

12/10/2020: Sold to cash customers 19 Regular Bikes, 2 Regular Helmets, 12 XL Bikes, 6 XL Helmets.

12/11/2020: Sold on account to Ripleys Raceway Park, terms 1/15, n/30, 20 each of the 4 inventory items.

12/12/2020: Received payment from Walkers Fitness Gym for the entire purchase they made with us on December 1^st.

12/15/2020: Clint and Chelsea decide to take a $2,000 dividend for each of them. They will close the shop for a few weeks to enjoy the year-end holidays and resume business the following year.

Adjusting entries: you should make adjusting entries for any expense items needed. Also, a count of office supplies shows only $65 remaining.

From the Adjusted Trial Balance prepared in Part 1, prepare the four financial statements, followed by closing entries, and the Post-closing Trial Balance.