XYZ Inc. experienced the following transactions in September 2023:

• September 1: Purchased equipment for $20,000, paying $5,000 in cash and the remainder on account.
• September 5: Sold goods costing $10,000 for $16,000 on account.
• September 12: Paid $1,000 for salaries.
• September 15: Collected $7,000 from customers on account.
• September 20: Paid suppliers $6,000.
• September 25: Declared and paid dividends of $1,500.

Requirements:

1. Record the journal entries for the transactions.
2. Post the journal entries to the ledger.
3. Prepare a trial balance as of September 30, 2023.
4. Prepare an income statement for September 2023.
5. Discuss the implications of equipment purchase on cash flow and financial statements.