X, INC.
The following is a summary of the transactions for the year 2021:
9-Jan	Provide services for cash, $84,100, and on account, $152,200.
12-Feb	Collect on accounts receivable, $151,500.
21-Feb	Provide services for cash, $80,000, and on account, $232,500.
25-Apr	Receive cash in advance from customers, $12,900 (services will be provided in 2022).
6-May	Purchase inventory on account, $99,200.
29-May	Provide services for cash, $90,000, and on account, $95,000.
1-Jun	Collect on accounts receivable, $91,500.
15-Jun	Pay notes payable, $78,000 and interest $7,800
15-Jul	Pay taxes payable, $38,500.
10-Sep	Pay on accounts payable, $11,400.
29-Sep	Collect on accounts receivable, $122,500.
31-Oct	Pay salaries, $123,600.
20-Nov	Issue shares of common stock in exchange for $27,000 cash.
15-Dec	Collect on accounts receivable, $91,500.
20-Dec	Sold the land for $450,000
30-Dec	Pay $22,800 cash dividends to stockholders.

1. Set up the necessary T-accounts and enter the beginning balances from the trial balance.
2. Record each of the summary transactions listed above.
3. Post the transactions to the accounts.
4. Record adjusting entries.
5. Post adjusting entries.
6. Record closing entries.
7. Post-closing entries
8. Prepare a post-closing trial balance.
9. Prepare a stockholders equity
10. Prepare an income statement for 2021 and a balance sheet as of December 31, 2021.