Required:

1. Prepare journal entries for opening balances
2. Prepare journal entries for the transactions above during the year
3. Post the journal entries to general ledger
4. Prepare a balance sheet (statement of financial position) as of December 31, 2023 and an income statement for the year of 2023

Emtia Tic. Taahht A..: During 2023, following summarized transactions occurred: 1- Purchased inventory on open account, 90.000+ VAT (18\%). 2- Collected account receivable, 130.000. 3- Sold inventory for 210.000 + VAT (18\%); 50.000 for cash, and the rest on open account. The cost of inventory sold was 150.000. 4- Rendered services to customers for cash, 175.000. 5- Paid cash for wages and salaries, 25.000. 6- Paid selling and advertising expenses, 40.000. 7- 15.000 of prepaid expenses (rent) expired in June. 8- Purchased office supplies on open account, 4000 9- Depreciation expense of 32.000 was recognized. 10- Paid accounts payable in cash, 82.000. 11-Paid other liabilities in cash, 10.000. 12- Paid interest expense in cash, 7.100. 13- Paid insurance premiums in cash in advance, 15.000 14- Paid cash for utilities, gasoline, repairs and legal fees, 9.000. (General and administrative expenses) Windows'u Etkinletir 16- Declared dividends to shareholders, 60.000