The following list summarizes the transactions that took place during a start ups first year of operations. Using the information below, prepare a list of the appropriate journal entries, including any necessary adjusting entries. Once you have created the financial statements, provide the appropriate closing entries. The startup uses straight line when depreciating longterm assets and a perpetual inventory system.

Transactions and information for the year:

1. Jan 1st, issued 500 shares of common stock ($0.50 par value) for $5000.

2. Feb 1st, paid $2500 to purchase land.

3. Feb 28th, issued 100 shares of preferred stock ($100 par value) for $20,000.

4. June 30th, paid $75,000 for a building (estimated useful life of 40 years; salvage

   value = $5,000) by signing a 5 year Note Payable, promising to pay 5% interest at

   the end of each of those 5 years (i.e. on June 30th of each year).

5. July 1st, purchased 400 units of inventory at $15 each. $1,000 was paid in cash, the

   rest was on account.

6. July 30th, sold 120 units of inventory for $63 each on account.

7. Aug 2nd, incurred $450 of wages expense.

What would the general and adjusting entries look like for the end of the year?