The following events apply to Paradise Vacations's first year of operations: 1. Acquired $40,000 cash from the issue of common stock on January 1, Year 1. 2. Purchased $1,800 of supplies on account. 3. Paid $6,600 cash in advance for a one-year lease on office space. 4. Earned $48,350 of revenue on account. 5. Incurred $15,500 of other operating expenses on account. 6. Collected $34,000 cash from accounts receivable. 7. Paid $10,000 cash on accounts payable. 8. Paid a $5,000 cash dividend to the stockholders. Information for Adjusting Entries 9. There was $350 of supplies on hand at the end of the accounting period. 10. The lease on the office space covered a one-year period beginning November 1. 11. There was $5,600 of accrued salaries at the end of the period. Required a. Record these transactions in general journal form. b. Post the transaction data from the journal to ledger T-accounts. c. Prepare a trial balance. d-1. Prepare an income statement. d-2. Prepare a statement of changes in stockholders' equity. d-3. Prepare a balance sheet. d-4. Prepare a statement of cash flows. Post the transaction data from the journal to ledger T-accounts. ASSETS Cash LIABILITIES Accounts Payable Bal. Bal. Bal. Bal. Accounts Receivable Supplies Prepaid Rent Bal. Bal. Salaries Payable Bal. Bal. Bal. Bal. Bal. Bal. Bal. STOCKHOLDERS' EQUITY Common Stock Dividends Service Revenue Other Operating Expense Rent Expense Salaries Expense Supplies Expense Prepare a trial balance. PARADISE VACATIONS Trial Balance As of December 31, Year 1 Account Titles Totals $ Debit 0 $ Credit Prepare an income statement. PARADISE VACATIONS Income Statement For the Year ended December 31, Year 1 Expenses 0 Total expenses Prepare a statement of changes in stockholders' equity. PARADISE VACATIONS Statement of Changes in Stockholders' Equity For the Year ended December 31, Year 1 Beginning common stock Ending common stock Beginning retained earnings $ 0 Ending retained earnings 0 Total stockholders' equity $ 0