Utah Inc. sells office equipment and provides maintenance services. It has the following accounting balances on December 31, 2021, the end of its fiscal year. Accounts Debit Credit Cash $3,000 Accounts receivable 5,000 Inventory 6,000 Equipment 30,000 Accumulated depreciation $6,000 Accounts payable 4,000 Notes payable 20,000 Common stock 10,000 Retained earnings 4,000 Total $44,000 $44,000 Utah executed the following summary transactions during 2022:

1. Issued additional common stock for $5,000 cash.

2. Purchased new equipment by paying $5,000 cash and signing a note of $10,000.

3. Paid a premium of $2,400 for a two-year liability insurance policy, effective on January 1, 2022.

4. Received $8,400 advance payments for contracts to deliver services later.

5. Sold inventory for $9,000 on credit. The cost of inventory sold is $5,000.

6. a Purchased inventory of $3,000 on credit.

7. Sold inventory for $3,600 cash. The cost of inventory sold is $2,000.

8. Received $10,000 payment on accounting receivables.

9. Paid $7,000 accounts payables.

10. Paid utility bills $1,100.

11. Paid wages $3,100

Required

1. Record the effects of each of above transactions1-11 using the FSET and compute the total of each column. Verify that the left and right sides of the balance sheet have the same total.

Prepare a post closing trial balance