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Using the following Information, complete the accounting cycle-Journalize, post to the ledger, prepare unadjusted trial balance, prepare necessary adjustments on the basis of the information

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Using the following Information, complete the accounting cycle-Journalize, post to the ledger, prepare unadjusted trial balance, prepare necessary adjustments on the basis of the information in the listed transactions, post your adjustments to the ledger and prepare an adjusted trial balance. Then, prepare an income statement, retained earnings statement, and balance sheet. Prepare closing entries, and post-dosing trial balance. Jan 1 Jan 1, 2007 Avery Munnings started legal services and also engaged in manufacturing as well as merchandising operation. Avery Munnings registered his company as Avery Munnings Corporation. During the month of the company's existence, the following operations took place. The company sold common stock of $3,500,000 to raise capital. Jan 1 Paid Rent of $6,000 for off-site storage facility to cover the first twelve months of operation starting from Jan 1. Jan 1 After conducting an interview with Kardyl Smith, the company hired her at a monthly salary of $2,500. Kardyl Smith needed immediate cash before starting to work and the company pald her $5,000 as a salary advance to cover the first two months of her services starting from January 1. Jan 1 Received $24,000 from John for legal services to be performed for him over a period of 12 months starting from January 1. Jan 1 Purchased Office Building for $500,000, making a down payment of $200,000 and giving a promissory note to be paid at once at the end of 4 years. The market interest rate at the time of the purchase is 8%. The office building has a life of 20 years, salvage value of $50,000, and the company uses straight line method of depreciation, Jan 1 Sold $400,000 12% 10-year bond at a yield of 10%. Interest is paid once every January 1 of the year Jan 2 Purchased goods on account from Joe, $800,000. Term 3/15; 1/30. FOB destination. The buyer prepaid the transportation charge of $5,000. Jan 1, Sold goods of $200,000 on necount to George, Term/9; 1/30. FOB shipping point. George paid transportation cost of $5,000. The cost of the goods sold to George was $80,000 lans George returned $8,000 goods that had a cost of $2,000 lan 5 Returned $20,000 goods to Joe. Bought Office Supplies for 516,000 from Office Depot, paying $6,000 now and agreeing to pay the balance on February 28 Jan 5 Jan 5 Bought materials for $350,000 cash lan Requisitioned for 570,000 direct materials which were put into production process Jan Requisitioned for $15,000 Indirect materials which were put into production process Jan 7 Pald all the amounts due to Joe. Jan 8 Purchased goods on account from Daemon $300,000. Term 2/12; EOM. FOB shipping point. Dameon prepaid the transportation charge of $6,000. Jan 10 Collected the amount due from George. Jan 10 Pald direct labor cost of $15,000 lan 11, Sold goods of $270,000 on account to Kevia. Term 3/15; n/30; FOB destination. The seller pald transportation charge of $5,000. The cost of the goods sold to Kevla Is $150,000. I Jan 12 Returned $40,000 goods to Dameon. Jan 12 Performed legal services for Abdel Karim for a service fee of $20,000. Abdel Karim made a down payment of $16,000 and agreed to pay the balance on Jan 20. 1 Jan 16 Paid $40,000 for other factory overhead costs. an 14 Paid the amount due to Dameon. Jan 15 Paid Indirect labor cost of $20,000, Jan 15 Purchased goods on account from Juliyah, $400,000. Term 5/4, 1/30. FOB destination. Jullyah pald the transportation charge of $6,000 Jan 16 Returned $80,000 goods to Jullyah. Jan 20 Collected the amount due from Abdel Karim Jan 21 Paid the amount due to Juliyah

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