Using the below business transactions at Emily's Bakery Prepare journal entries Post each journal entry into respective Ledger accounts. Using the account balance for each ledger account, prepare a Trial Balance . Using the adjusting entries, prepare journal entries and post them into their respective ledger account after that prepare an Adjusted Trial Balance. . Using the adjusted Trial Balance, prepare Income Statement, Balance Sheet and Post Trial. Accounting Transactions. 1. Emily contributed $15,575 to her business. 2. Emily's Bakery purchased equipment on credit for $10,000 3. Bakery paid salary to a temporary staff in the amount of $1,500 4. Company purchased supplies for $2,375. 5. In November 2018, Bakery performed a corporate catering service for $12,500 and received cash of $6,000 and sent an invoice for remaining balance of $6,500 for the catering services rendered. 6. Paid $ 445 in cash for miscellaneous expenses 7. Company purchased insurance premium for $2,400 for two years periods. 8. $25,750 received for the services provided to a client. 9. Company issued a check in the amount of $1,125 for the equipment it purchased. 10. An invoice of $2,575 was sent to a client for the services rendered. 11. On July 31, 2018, the Bakery received a check in the amount of $9,325 for the corporate breakfast services it will provide in the future. 12. January 3, 20018, company paid cash $15,000 to rent a manufacturing facility with $1,000 for the month of January and rest for the next 14-month. 13. On September 30, 2018, Emily's Bakery took out a small business loan of $35,000 from NEU, Bank at an annual interest rate of 6.5% and agrees pay the bank in full including interest on January 31, 2019. 14. The Company paid dividends to Emily for $4,825 15. A check for $1,925 received for the services provided before. 16. A check for $2,500 received for the services provided before. Adjusting Entries: 17. The total weekly payroll of Emily's Bakery is $15,000 and employees are paid at the end of each week. The Company prepares annual report on December 31, 2018, which is Monday, however, employees will not be paid until Friday, January 4, 2019. 18. The firm realized that it only provided 75% of corporate breakfast services for which it received a check on July 31, 2018. 19. Company recorded rent for 11-month that is on item 12. 20. A year-end inventory count reveals $480 of supplies still available. 21. Company used straight line depreciation method for the equipment it purchased. Per management estimate, the life is 10 years. 22. The Prepaid Insurance account shows a debit balance of $1,200, representing the cost of a one-year fire insurance policy that was purchased at the beginning of year. 23. The firm accrued interest expense for business loan it received on September 30. Ledger Accounts: Equipment Cash Receivables III Emily's Bakery, Inc Income Statement For the Year ended December 31, 2018 Operating Revenues: Sales revenue Total operating revenues S XXXX _XXXX Operating Expenses: XXXXXXXXXXXXXX XXXXXXXXXXXXXX XXXXXXXXXXXXXX XXXXXXXXXXXXXX XXXXXXXXXXXXXX Total operating expenses Operating Income Other Items: Interest expense Pretax Income Income tax expense XXXX XXXX XXXX XXXX XXXX XXXXX XXXXX XXXX XX XXXX XXXX S XXXXX Net Income Emily's Bakery, Inc Balance Sheet As of December 31, 2018 Assets Current Assets: Cash Accounts receivable XXXXX Prepaid insurance Total current assets Equipment XXXXXX Less: accumulated depreciation, XXXX Total Assets S XXXX XXX XXXX XXXX XXXX XXXX S XXXXX Liabilities Current Liabilities: Accounts payable XXXXXXXX XXXXXXX XXXXXXXX XXXXXXXXXX Total current liabilities Loans Payable S XXXXX XXXX XXXX XXXX XXXX XXXXX Stockholders' Equity Contributed Capital Net Income Dividend Total Stockholders' Equity Total Liabilities and Stockholders' Equity XXXXX XXXXX XXX XXXX S XXX Using the below business transactions at Emily's Bakery Prepare journal entries Post each journal entry into respective Ledger accounts. Using the account balance for each ledger account, prepare a Trial Balance . Using the adjusting entries, prepare journal entries and post them into their respective ledger account after that prepare an Adjusted Trial Balance. . Using the adjusted Trial Balance, prepare Income Statement, Balance Sheet and Post Trial. Accounting Transactions. 1. Emily contributed $15,575 to her business. 2. Emily's Bakery purchased equipment on credit for $10,000 3. Bakery paid salary to a temporary staff in the amount of $1,500 4. Company purchased supplies for $2,375. 5. In November 2018, Bakery performed a corporate catering service for $12,500 and received cash of $6,000 and sent an invoice for remaining balance of $6,500 for the catering services rendered. 6. Paid $ 445 in cash for miscellaneous expenses 7. Company purchased insurance premium for $2,400 for two years periods. 8. $25,750 received for the services provided to a client. 9. Company issued a check in the amount of $1,125 for the equipment it purchased. 10. An invoice of $2,575 was sent to a client for the services rendered. 11. On July 31, 2018, the Bakery received a check in the amount of $9,325 for the corporate breakfast services it will provide in the future. 12. January 3, 20018, company paid cash $15,000 to rent a manufacturing facility with $1,000 for the month of January and rest for the next 14-month. 13. On September 30, 2018, Emily's Bakery took out a small business loan of $35,000 from NEU, Bank at an annual interest rate of 6.5% and agrees pay the bank in full including interest on January 31, 2019. 14. The Company paid dividends to Emily for $4,825 15. A check for $1,925 received for the services provided before. 16. A check for $2,500 received for the services provided before. Adjusting Entries: 17. The total weekly payroll of Emily's Bakery is $15,000 and employees are paid at the end of each week. The Company prepares annual report on December 31, 2018, which is Monday, however, employees will not be paid until Friday, January 4, 2019. 18. The firm realized that it only provided 75% of corporate breakfast services for which it received a check on July 31, 2018. 19. Company recorded rent for 11-month that is on item 12. 20. A year-end inventory count reveals $480 of supplies still available. 21. Company used straight line depreciation method for the equipment it purchased. Per management estimate, the life is 10 years. 22. The Prepaid Insurance account shows a debit balance of $1,200, representing the cost of a one-year fire insurance policy that was purchased at the beginning of year. 23. The firm accrued interest expense for business loan it received on September 30. Ledger Accounts: Equipment Cash Receivables III Emily's Bakery, Inc Income Statement For the Year ended December 31, 2018 Operating Revenues: Sales revenue Total operating revenues S XXXX _XXXX Operating Expenses: XXXXXXXXXXXXXX XXXXXXXXXXXXXX XXXXXXXXXXXXXX XXXXXXXXXXXXXX XXXXXXXXXXXXXX Total operating expenses Operating Income Other Items: Interest expense Pretax Income Income tax expense XXXX XXXX XXXX XXXX XXXX XXXXX XXXXX XXXX XX XXXX XXXX S XXXXX Net Income Emily's Bakery, Inc Balance Sheet As of December 31, 2018 Assets Current Assets: Cash Accounts receivable XXXXX Prepaid insurance Total current assets Equipment XXXXXX Less: accumulated depreciation, XXXX Total Assets S XXXX XXX XXXX XXXX XXXX XXXX S XXXXX Liabilities Current Liabilities: Accounts payable XXXXXXXX XXXXXXX XXXXXXXX XXXXXXXXXX Total current liabilities Loans Payable S XXXXX XXXX XXXX XXXX XXXX XXXXX Stockholders' Equity Contributed Capital Net Income Dividend Total Stockholders' Equity Total Liabilities and Stockholders' Equity XXXXX XXXXX XXX XXXX S XXX