Use the information on the following page to complete the following requirements. 1. Set up the necessary T-accounts and enter the beginning balances. 2. Prepare and post journal entries to the accounts for the summary transactions (a-k). 3. Prepare an unadjusted trial balance. 4. Prepare and post-adjusting entries to the accounts. 5. Prepare an adjusted trial balance. 6. Prepare an income statement for 2021 (ignore taxes) and a balance sheet as of December 31", 2021. 7. Prepare and post-closing entries to the accounts. 8. Prepare a post-closing trial balance. All deliverables must be done by hand; typed work will not be accepted. Please complete the individual by yourself. Please use the same set of T-accounts for all of your journal entry postings. Include all of the appropriate headings for the financial statements and trial balances. Please scan and upload your documents as a PDF onto Blackboard, under the Accounting Cycle Project folder The general ledger of the Whitlow Manufacturing Corporation at January 1, 2021, contained the following account balances: Account Title Debits Credits Cash 10,000 Accounts Receivable 15,000 Inventory 11,000 Equipment 20,000 Accumulated Depreciation 6,000 Accounts Payable 3.000 Salaries Payable 9.000 Common Stock 28,500 Retained Earnings 9.500 a The following is a summary of the transactions for the year. a. Sold merchandise for cash, 88,500. The cost of the merchandise was $4,800. The company uses the perpetual inventory system. b. Purchased equipment on account for $5,500 from the Strong Company. C. Received a $150 bill from the local newspaper for an advertisement that appeared in the paper during January d. Purchased merchandise on account for $9,500. e. Purchased supplies of $600 in cash. f. Collected on accounts receivable, $10,000. 9. Issued shares of common stock in exchange for $10,000 in cash. h. Paid salaries, $12,500. i. Paid miscellaneous expenses, $2,000. 1. Paid $5,000 of the bill to Strong Company. k. Paid $1,400 in cash dividends to shareholders. Information necessary to prepare the year-end adjusting entries: 1. Depreciation on the equipment for the year is $500. m. Employee salaries are paid once a month, on the 3rd of the following month. Salaries carned during December were $400. n. On October 1, 2021, Whitlow borrowed $10,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 4 years. 0. On March 1, 2021, the company paid an insurance company $6,000 for a two-year fire insurance policy. p. $200 of supplies remained on hand at December 31, 2021. q. On December 1, 2021, $1,000 rent was paid to the owner of the building. The payment represented rent for December and January 2022, at $500 per month