The general ledger of Ryan Racing at January $1,2024,$ includes the following account balances:

Accounts Debits Credits

Cash $$60,500$

Accounts Receivable $44,700$

Land $129,800$

Accounts Payable $$17,200$

Notes Payable $($due in $2$ years$)49,000$

Common Stock $119,000$

Retained Earnings $49,800$

Totals $$235,000$ $$235,000$

The following is a summary of the transactions for the year:

$1.$ January $12$

Provide services to customers on account, $$81,400.$

$2.$ February $25$ Provide services to customers for cash, $$84,800.$

$3.$ March $19$ Collect on accounts receivable, $$47,600.$

$4.$ April $30$ Issue shares of common stock in exchange for $$49,000$ cash.

$5.$ June $16$ Purchase supplies on account, $$15,900.$

$6.$ July $7$ Pay on accounts payable, $$13,200.$

$7.$ September $30$ Pay salaries for employee work in the current year, $$83,200.$

$8.$ November $22$ Pay advertising for the current year, $$24,400.$

$9.$ December $30$ Pay $$4,800$ cash dividends to stockholders.

The following information is available for the adjusting entries.

Accrued interest on the notes payable at year$-$end amounted to $$4,400$ and will be paid January $1,2025.$ Accrued salaries at year$-$end amounted to $$3,400$ and will be paid on January $5,2025.$ Supplies remaining on hand at the end of the year equal $$4,200.$

Required:

$1.3.6.$ & $10.$ Post the transactions, adjusting entries and closing entries to the T$-$accounts. Be sure to include beginning balances.

$2.$ Record each of the summary transactions listed above.

$4.$ Prepare an unadjusted trial balance.

$5.$ Record adjusting entries. Accrued interest on the notes payable at year$-$end amounted to $$4,400$ and will be paid January $1,2025.$ Accrued salaries at year$-$end amounted to $$3,400$ and will be paid on January $5,2025.$ Supplies remaining on hand at the end of the year equal $$4,200.$

$7.$ Prepare an adjusted trial balance.

$8-$a$.$ Prepare the income statement for the year ended December $31,2024.$

$8-$b$.$ Prepare the classified balance sheet for the year ended December $31,2024.$

$9.$ Record closing entries.

$11.$ Prepare a post$-$closing trial balance.