You recently accepted the position of Controller of a newly incorporated company, Lynbrook IT, Inc. Lynbrook provides IT (information technology) services to small and medium size companies. The owner, Sam Thompson, gave you the following list of transactions that were made during the first month of operations.

1. On March 1, Thompson invested $30,000 cash and $150,000 of equipment in Lynbrook in exchange for common stock.

2. On March 2, Lynbrook paid $6,000 cash for furniture for the shop.

3. On March 3, Lynbrook paid $2,000 cash to rent space in an office building for March.

4. On March 4, it purchased $12,000 of equipment on credit for the business (using 5-year note payable).

5 On March 5, Lynbrook opened for business. Cash received from IT services in the first week and a half of business (ended March 15) was $8,250.

6. On March 15, it provided $1,000 of IT services on account.

7. On March 24, it received a $1,000 check for services previously rendered on account.

8. On March 26, it paid $4,250 to an assistant for hours worked during March.

9. On March 30, cash received from services provided during the second half of March was $9,300.

10. On March 31, it paid a $400 installment toward principal on the note payable entered into on March 4.

11. On March 31, it paid $500 for utilities used during the month of March.

12. On March 31, it paid $1,500 cash in dividends to Thompson.

Required 1. Prepare general journal entries in good form for the above transactions.

2. Post the journal entries from (1) to the ledger accounts. (using T accounts)

3. Prepare a trial balance as of March 31, 2020.

4. Prepare a single-step income statement for the month of March.

5. Prepare a statement of retained earnings for the month of March.

6. Prepare a balance sheet as of March 31, 2020