The following events apply to Gulf Seafood for the 2016 fiscal year:

1.	The company started when it acquired $37,000 cash by issuing common stock.
2.	Purchased a new cooktop that cost $14,900 cash.
3.	Earned $21,300 in cash revenue.
4.	Paid $14,000 cash for salaries expense.
5.	Adjusted the records to reflect the use of the cooktop. Purchased on January 1, 2016, the cooktop has an expected useful life of five years and an estimated salvage value of $3,400. Use straight-line depreciation. The adjusting entry was made as of December 31, 2016.

Required

a.	Record the events in general journal format.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Event 1: record entry for issuance of common stock

Event 2: record purchase of equipment for cash

Event 3: record cash received from revenue

Event 4: record cash paid for salaries expenses

Event 5: record depreciation expense

b. Then post them to T-accounts.

Cash					Equipment - Cook top
Beg. Bal					Beg. Bal
End. Bal					End. Bal
Accumulated Depr.					Common Stock
Beg. Bal					Beg. Bal
End. Bal					End. Bal
Sales Revenue					Salaries Expense
Beg. Bal					Beg. Bal
End. Bal					End. Bal
Depreciation Expense
Beg. Bal
End. Bal

c.

Prepare a balance sheet and a statement of cash flows for the 2016 accounting period. (Amounts to be deducted should be indicated by a minus sign.)

GULF SEAFOOD
Balance Sheet
As of December 31, 2016
Assets
Total Assets
Liabilities
Stockholders equity
Total stockholders equity
Total liabilities and stockholders equity

GULF SEAFOOD
Statement of Cash Flows
For the Year Ended December 31, 2016
Cash flows from operating activities:
Net cash flow from operating activities
Cash flows from investing activities
Net cash flow from investing activities
Cash flows from financing activities:
Net cash flow from financing activities
Net change in cash
Ending cash balance