$\backslash$table$[[$Date$,$Accounting Transactions For The Period January $1$st To March $31$st$,2024]]$

$1-$Jan$-24$ The five co$-$owners start the company by issuing a total of $100,000$ shares shares to each co$-$owner$)$ with a par value of $$1$ for $$6$ for each share.

$1-$Jan$-24$

Realizing they are going to need more cash to run the business, the company obtains a long term bank loan for $$125,000.$ Payments will not have to

be made until $2025$ but interest will accrue at a $8\%$ annual percentage rate.

The owners already had various transactions they had arranged for the first day of operations:

$1-$Jan$-24$

Equipment to diagnose customer computers was purchased for $$175,000$ cash. The equipment has a $10$ year life and a $$40,000$ residual value.

Depreciation will be calculated via the Straight Line method.

$1-$Jan$-24$ Merchandise Inventory to be sold to customers was purchased on credit for $$85,000$

$1-$Jan$-24$ Supplies to be used for operations over the first year was purchased for cash of $$20,000$; These supplies should be recorded as Suplies

$1-$Jan$-24$ In order to get a good lease discount, rent for the store was paid in full for the year; $$60,000$ cash was paid

$1-$Jan$-24$ An initial customer paid them $$36,000$ cash upfront for a full year of monthly computer service

The following transactions represent activity for the three months ended March $31$st$,2024$:

$31-$Mar$-24$ Merchandise Inventory at a cost of $$20,000$ was sold for $$60,000$ cash

$31-$Mar$-24$ Employees earned $$15,000$ in wages for the quarter; paychecks for the quarter totaled $$12,500($i$.$e$.$ the other $$2,500$ will be in next quarters first paycheck$)$

$31-$Mar$-24$ $$40,000$ related to the Merchandise Inventory purchased on credit was paid to the supplier

Companies typically record adjusting entries at the end of each month. In order to simplify this exercise, adjusting entries should be recorded reflecting a quarterly basis.

Adjusting entries $($Remember that the adjusting entries should be for the first quarter only$)$

$31-$Mar$-24$ Accrue the interest expense incurred under the long term bank loan

Please make journal entries, general ledger and a Financial statements cotaining: balance sheet, income statement, statement of cash flows