[The following information applies to the questions displayed below.] The following transactions apply to Bobs Bike Shop for Year 1, its first year of operations: Acquired $40,000 cash from the issue of common stock. Acquired $2,700 of merchandise from Bob Hall, the owner, who had acquired the merchandise prior to opening the shop. Issued common stock to Bob in exchange for the merchandise inventory. Purchased $42,400 of inventory on account. Paid $2,730 for radio ads. Sold inventory for $79,100 cash. Paid $8,350 in salary to a part-time salesperson. Paid $33,050 on accounts payable (see Event 3). Physically counted inventory, which indicated that $7,500 of inventory was on hand at the end of the accounting period. Required e. Prepare a post-closing trial balance.