Taj Ramaj, a sole-proprietor, created Juicy Lemonade on December 1, 2020. Juicy Lemonade is a wholesaler that specializes in selling organic flavored lemonades to colleges and universities, restaurants and grocery stores. This merchandising company uses the perpetual inventory system, the gross method and adjusts its books monthly. The transactions for the month of December are as follow:

12/1 Taj Ramaj invested $100,000 cash, a $20,000 computer system and $5,000 of office equipment into the company.

12/1 The company paid $1,500 cash for rent for the retail store space for the month of December.

12/1 The company purchased $48,000 of inventory from Organic Juices Unlimited. The credit terms are 2/10, n/30.

12/2 The company purchased office supplies for $3,450 cash.

12/2 The company purchased a delivery vehicle for $17,000 cash.

12/2 The company purchased a 12-month insurance policy for $5,200 cash.

12/3 The company purchased $18,000 of inventory from Juice Power. The credit terms are 2/15, n/30.

12/5 The company sold merchandise to Delaware Technical Community College on credit for $42,850, terms 2/15, net 30. The merchandise sold had a cost of $21,250.

12/7 The company purchased inventory from JC Juice for $27,850 cash.

12/8 The company returned $4,500 of inventory to Juice Power and received full credit.

12/10 The company sold merchandise to Good Life Eats for $65,200 cash. The merchandise sold had a cost of $38,400.

12/10 Paid the amount due on the 12/1 purchase from Organic Juices Unlimited.

12/12 Good Life Eats discovered they received the wrong flavor, but they decided to keep the merchandise anyway. The company issued a credit memorandum and returned $7,000 cash to Good Life Eats for the error.

12/15 Delaware Technical Community College paid for the merchandise sold on 12/5.

12/18 The company paid the amount due, less the return on the 12/3 purchase from Juice Power.

12/20 The owner withdrew $7,500 cash for personal use.

Once you have verified that your adjusted trial balance is correct, prepare a multiple-step income statement, a statement of owners equity, and a balance sheet. Check Figure: Net income 33,443