Stackhouse, Connelly, and Teagarden Enterprises (SCT Enterprises) was to During the first month of operation, the following transactions occurred: Dec 1 Issued common stock in exchange for $1,000,000 cash. 2 Purchased inventory on account for $80,000 (the 3 Purchased $300,000 in equipment for cash. 4 Paid the company's landlord $12,000 for rent for twelve months, debiting Prepa perpetual inventory system is used). Expense Sold merchandise on account for $120.000. The cost of the merchandise was Borrowed $50,000 from a local bank and signed a note. Principal and interest o to be repaid in one year. Paid employees $15,000 wages for the first half of the month. Paid $50,000 to suppliers for the merchandise purchased on December 2. Collected $60,000 on account from customers. Paid various utility bills of $1,500 for the month of December. Paid $8,000 in insurance for the period January 1, 2015 to March 1, 2015. Received payment of $5,000 for an order to be delivered January 20. The cost of the merchandise for the order will be $3,500. 10 15 $75,000. f 10% 20 24 26 28 31 31 Required (round all computations to the nearest whole dollar): 1. Prepare journal entries to record the above transactions and post these entries to their corresponding T-accounts (ledger) 2. Prepare an unadjusted trial balance. 3. Prepare adjusting entries for December, considering: Depreciation on the equipment is $36,000 per year. Rent expense for the month. a. b. c. Interest expense for th moaftr of the month: assume employees eaned wages evenly for the e month; assume employees earned wages evenly ages for the second half of th throughout the month. d. W 4. Prepare an adjusted trial balance. 5. Prepare a basic income statement t, a statement of stockholders' equity, and a balance sheet for the year ending December 31,2014 6. Prepare closing entries. 7. Prepare a post-closing trial balance