You are the accountant for Valley Jet Engines, Inc. The company began operations in January 2019 and plans to issue its first financial statements for the first 3 months of 2019 (March 31, 2019). Your job is to: A) Prepare the general joumal entries to record the transactions listed on the best page B) Update the appropriate accounts according to your entries. You may use T-accounts, calculations, etc. You may attach separate sheets to show your work, if needed. ) Prepare an adjusted trial balance as of March 31, 2019. All adjusting entries should be included in the adjusted trial balance D) Prepare an income statement for the 3 months ended March 31, 2019. E) Prepare a statement of changes in stockholders' equity for the 3 months ended March 31, 2019. F) Prepare a balance sheet as of March 31, 2019 G) Prepare closing entries for the period ended March 31, 2019. You may use T-accounts, calculations, etc. You may attach separate sheets to show your work, if needed. H) Prepare a post closing trial balance as of March 31, 2019 which would reflect your accounts after posting your closing entries made in (G) above Valley Jet Engines, Inc. began operations in January 2019. For the first 3 months of 2019, the company had the following transactions. Jan. 1 LJ Porter invested $1,000,000 in cash plus $250,000 in equipment in exchange for stock in Valley Jet Engines, Inc. Jan. 1 The company entered into a lease for office space and prepaid $30,000 for 12 months of rent. Jan. 1 The company purchased a 24 month insurance policy for $18,000. Jan. 5 The company purchased $450,000 of merchandise on account from General Electric Corporation - NOTE: Valley Jet Engines, Inc. uses a perpetual system to record inventory. Terms 2/10, 1/30, FOB destination Jan. 6 The company returned $50,000 of the merchandise purchased on January 5th the was found to be damaged Jan. 14 The company paid the remainder of the amount due to General Electric. The payment was made within the discount period Jan. 20 The company paid $45,000 in cash for selling and administrative expenses. Jan. 31 The company paid $55.000 in cash for salaries for the month of January Feb. 10 The company sold merchandise for $600,000 in cash to VP Air Services. The cost of the goods sold was $300.000 Feb. 11 The company paid $10,000 freight on the shipment on the above sale. Feb. 20 The company paid $52,000 in cash for selling and administrative expenses Feb. 27 The company purchased merchandise in the amount of $300,000 on account from Pratt Company - NOTE: Terms 2/10,n30, FOB shipping point Feb. 28 The company paid the freight for the merchandise purchased on Feb. 27 totaling $5.000 in cash. Feb. 28 The company paid $50,000 in cash for salaries for the month of February Mar. 1 The company loaned cash in the amount of $60.000 to Small Parts Corporation under a promissory note dated March 1, 2019 that had an 8% annual interest rate and a 1 year maturity. The entire "note receivable" plus interest will be due in 1 year. No goods were sold in this transaction. Mar. 3 The company sold merchandise on account to Luxury Jet for $312,000 with a cost of $156,000. Terms n/30 Mar. 5 Luxury Jet reported that some of the merchandise was the wrong color. Luxury Jet decided to keep the merchandise but was given an allowance of $45,000 for the mistake. Mar. 8 The company paid cash to Pratt Company for the amount due from the purchase made on Feb. 27. The payment was made within the discount period Mar. 20 The company paid $48,000 in cash for selling and administrative expenses. Mar. 26 The company sold merchandise on account totaling $350.000 to VIP Air Services. Terms 30. FOB shipping point (no discount offered). The cost of the goods sold was $175.000 Adjustments needed Mar 31 The company determined that employees were owed $60,000 in salaries for time worked in March that would not be paid until April 3rd. An adjusting entry is needed at Mar. 31. Mar. 31 The company must record 3 months of depreciation on the equipment invested on January 1st. Use the investment amount of $250.000 as the equipment cost. The equipment has an estimated salvage value of $10.000 and a useful life of 10 years. Mar. 31 The company must record an adjustment to prepaid rent. Mar. 31 The company must record an adjustment to prepaid insurance. Mar. 31 The company uses the allowance method based on credit sales to estimate bad debts. At the end of March, the company estimated bad debt expense to be 1% of the net credit sales from January through March NOTE: Net credit sales = credit sales less sales retums, sales allowances and sales discounts. Do not include cash sales. Mar 31 The company must calculate accrued interest on the note receivable from March 1st. You may assume that the accrued interest on the note receivable is calculated based on a 360 day year. Round all calculations to the nearest dollar. You are the accountant for Valley Jet Engines, Inc. The company began operations in January 2019 and plans to issue its first financial statements for the first 3 months of 2019 (March 31, 2019). Your job is to: A) Prepare the general joumal entries to record the transactions listed on the best page B) Update the appropriate accounts according to your entries. You may use T-accounts, calculations, etc. You may attach separate sheets to show your work, if needed. ) Prepare an adjusted trial balance as of March 31, 2019. All adjusting entries should be included in the adjusted trial balance D) Prepare an income statement for the 3 months ended March 31, 2019. E) Prepare a statement of changes in stockholders' equity for the 3 months ended March 31, 2019. F) Prepare a balance sheet as of March 31, 2019 G) Prepare closing entries for the period ended March 31, 2019. You may use T-accounts, calculations, etc. You may attach separate sheets to show your work, if needed. H) Prepare a post closing trial balance as of March 31, 2019 which would reflect your accounts after posting your closing entries made in (G) above Valley Jet Engines, Inc. began operations in January 2019. For the first 3 months of 2019, the company had the following transactions. Jan. 1 LJ Porter invested $1,000,000 in cash plus $250,000 in equipment in exchange for stock in Valley Jet Engines, Inc. Jan. 1 The company entered into a lease for office space and prepaid $30,000 for 12 months of rent. Jan. 1 The company purchased a 24 month insurance policy for $18,000. Jan. 5 The company purchased $450,000 of merchandise on account from General Electric Corporation - NOTE: Valley Jet Engines, Inc. uses a perpetual system to record inventory. Terms 2/10, 1/30, FOB destination Jan. 6 The company returned $50,000 of the merchandise purchased on January 5th the was found to be damaged Jan. 14 The company paid the remainder of the amount due to General Electric. The payment was made within the discount period Jan. 20 The company paid $45,000 in cash for selling and administrative expenses. Jan. 31 The company paid $55.000 in cash for salaries for the month of January Feb. 10 The company sold merchandise for $600,000 in cash to VP Air Services. The cost of the goods sold was $300.000 Feb. 11 The company paid $10,000 freight on the shipment on the above sale. Feb. 20 The company paid $52,000 in cash for selling and administrative expenses Feb. 27 The company purchased merchandise in the amount of $300,000 on account from Pratt Company - NOTE: Terms 2/10,n30, FOB shipping point Feb. 28 The company paid the freight for the merchandise purchased on Feb. 27 totaling $5.000 in cash. Feb. 28 The company paid $50,000 in cash for salaries for the month of February Mar. 1 The company loaned cash in the amount of $60.000 to Small Parts Corporation under a promissory note dated March 1, 2019 that had an 8% annual interest rate and a 1 year maturity. The entire "note receivable" plus interest will be due in 1 year. No goods were sold in this transaction. Mar. 3 The company sold merchandise on account to Luxury Jet for $312,000 with a cost of $156,000. Terms n/30 Mar. 5 Luxury Jet reported that some of the merchandise was the wrong color. Luxury Jet decided to keep the merchandise but was given an allowance of $45,000 for the mistake. Mar. 8 The company paid cash to Pratt Company for the amount due from the purchase made on Feb. 27. The payment was made within the discount period Mar. 20 The company paid $48,000 in cash for selling and administrative expenses. Mar. 26 The company sold merchandise on account totaling $350.000 to VIP Air Services. Terms 30. FOB shipping point (no discount offered). The cost of the goods sold was $175.000 Adjustments needed Mar 31 The company determined that employees were owed $60,000 in salaries for time worked in March that would not be paid until April 3rd. An adjusting entry is needed at Mar. 31. Mar. 31 The company must record 3 months of depreciation on the equipment invested on January 1st. Use the investment amount of $250.000 as the equipment cost. The equipment has an estimated salvage value of $10.000 and a useful life of 10 years. Mar. 31 The company must record an adjustment to prepaid rent. Mar. 31 The company must record an adjustment to prepaid insurance. Mar. 31 The company uses the allowance method based on credit sales to estimate bad debts. At the end of March, the company estimated bad debt expense to be 1% of the net credit sales from January through March NOTE: Net credit sales = credit sales less sales retums, sales allowances and sales discounts. Do not include cash sales. Mar 31 The company must calculate accrued interest on the note receivable from March 1st. You may assume that the accrued interest on the note receivable is calculated based on a 360 day year. Round all calculations to the nearest dollar