The following information represent a full case for the same company. You are required to perform the accounting cycle steps as directed. lance

Transactions for Adam Company for the Adam 2019 are presented below.

1. 1/1/2019 Issued ordinary shares in exchange for $99,000 cash.

2. 5/2/2019 Purchased land costing $43,200, for cash.

3. 3/3/2019 Performed a services for company x on account for $310,000.

4. 1/4/2019 Received $264,800 for the services performed on 3/3/2018.

5. 10/5/2019 Purchased Equipment for $110,000 in cash

6. 15/8/2019 Purchased supplies on account for $10800.

7. 14/11/2019 Paid $4800 for a one-year insurance policy.

8. 1/12/2019 paid the following expenses in cash: utilities exp 12800 : salaries exp 50000 : rent exp 131000.

First: Journalize each transaction, post and balance to accounts, and then prepare the Unadjusted trial balance. At year end 31/12/2019

The following information are available for you.

a. Insurance expired during the year, $2,000.

b. Depreciation on furniture and equipment, 15000 per year

c. A count of supplies on December 31, 2019, indicates that supplies of 5800 are on hand.

d. Adam Company performed disinfecting services for a client in December 2019. The client will be billed 3,000.

e. Salaries of 8000 are unpaid and due.

Second: Prepare the necessary adjusting entries and then prepare the trial balance after the adjusting entries.

Third: Prepare the Income Statement, Retained Earnings statement, and financial Position statement at 31/12/2019

Fourth: Prepare the necessary closing entries.

Fifth: prepare a post-closing trial balance