Suzy Q started a new business called Suzys Consulting Inc in 2020. Due to COVID, her accountant quit and Suzy found the following ending balances:

Cash: $18,000

Computer Equipment: $3,000

Common Shares: $5,000

The following events occurred during the month of January 2021.

January 3 The company borrowed $100,000 from the bank. The money was planned to purchase a small office. (Angela had been working out of her home.)

January 5 The company purchased a small office building for $77,000 cash.

January 9 The company purchased $14,000 of furniture on account; payment is due on February 15.

January 15 Received cash of $4,000 for consulting delivered in the first two weeks of January.

January 16 Customer #864 received several hours of consulting ($850) but did not pay the bill. He has promised to pay in early February.

January 17 Paid secretarial wages of $2,000.

January 18 Issued common shares for cash: $3,000.

January 19 Purchased office supplies on account for $500.

January 21 Paid for the furniture that was purchased on January 9.

January 26 Received and paid a utilities bill: $500.

January 29 Received a telephone bill: $100. The bill has not yet been paid.

January 30 Customer #864 came in and paid $400 of his balance owing from his session earlier this month.

January 31 The company received $5,000 for consulting services delivered in the second half of January.

January 31 Paid secretarial wages of $2,000.

January 31 Declared and paid a $1,500 cash dividend.

Required

Please put your student name and TRU Student number at the top of each page submitted.

Part 1 - Journal entries based on the items above. If no journal entry is required, write No Entry.

Part 2 - Post the above transactions to T-Accounts.

Part 3 - Calculate the opening retained earnings for the month.

Part 4 - Prepare a trial balance dated January 31.

Part 4 - Create the following financial statements:

1. Income Statement
2. Statement of Retained Earnings
3. Balance Sheet