This is a continuation of the question I posted before this one!!!

(10pts) Comprehensive Accounting Cycle Problem: Suppose that Sit Down Inc. is a retailer which began operations on February 1^st, 2018. During February, the following transactions occurred:

On 2/1/2018 issued 17,000 shares of common stock for $17,000 cash.

On 2/1/2018 borrowed $16,000 from the bank. The note payable is due in 4 years and has a 7% annual interest rate.

On 2/1/2018, purchased a truck for $19,000, for $5,000 in cash and $14,000 on account.

On 2/4/2018, purchased inventory for $24,290 on account.

On 2/5/2018, paid $3,000 cash for a 6-month insurance policy effective February 1^st July 31^st.

On 2/11/2018, sold inventory, costing $17,930, to customers for $25,400 on account. Customers were billed for these goods on the same day.

On 2/16/2018, paid $11,320 in cash to creditors on amounts owed from transactions c and d.

On 2/20/2018, paid $2,800 cash for employee wages.

On 2/25/2018, collected $11,470 from customers billed on February 11^th.

On 2/28/2018, declared and paid $635 cash dividend.

PART 5 Post adjusting journal entries to T-Accounts (1pt): Post each of the above adjusting journal entries to T-Accounts and calculate the ending account balances in each T-account.

PART 6 Prepare an adjusted trial balance (1pt): After calculating the ending balance in each T-account in PART 5, prepare an adjusted trial balance for Sit Down, Inc. as of February 28, 2018 with the list of accounts in the following order: assets, liabilities, common stock, retained earnings, revenues, and expenses.

PART 7 Prepare financial statements (2pts): Prepare the following financial statements for Sit Down, Inc.:

Income statement for the period ended February 28^th, 2018

Statement of shareholders equity for the period ended February 28^th, 2018

Balance sheet as of February 28, 2018.

PART 8 Record closing entries and post the closing entries to T-accounts (1pt): Record closing entries using closing journal entries and post these closing entries to the appropriate T-accounts to complete the closing process. For revenue and expense accounts, dont forget to close to the Income Summary account first as we did in lecture before closing the net income balance to Retained Earnings.

PART 9 Prepare a post-closing trial balance (1pt): After calculating the ending balance in each T-account in PART 8, prepare a post-closing trial balance for Sit Down, Inc. as of February 28, 2018 with the list of accounts in the following order: assets, liabilities, common stock, and retained earnings.