Sultan started a new business on jan 1, 2016 by investing $800,000 cash in the bank as capital. The following transaction took place during the first month of operations:

Jan 3. Purchased office supplies for $10,000 in cash

Jan 7. Purchased office equipment for $30,000, paid $14,000 in cash and the remaining on credit.

Jan 10. Provided services to customers for $70,000 on credit

Jan 15. Paid rent for the month $5,000 in cash.

Jan 19. Paid $4,000 salaries in cash

Jan 25. Received a utility bill for $3,000

Jan 27. Paid the amount due for office equipment

Jan 31. Sultan withdraw $2,000cash for personal use.

Requires:

1- Prepare Journal entries to record the above transactions.

2- Post to the appropriate ledger accounts.

3- Prepare the trial balance on September 30, 2015.

4. Prepare the financial statements