Your task is to prepare the journal entries for each transaction and then compile them intoa trial balance.

XYZ Corporation has had a busy month. Below are the transactions theyve recorded.

XYZ Corporation started the business with cash of $$50,000$ and equipmentworth $$20,000.$

Purchased inventory on credit from ABC Suppliers for $$15,000.$

Sold goods to customers for $$25,000$ in cash.

Paid rent for the office space: $$2,000.$ Received a utility bill for $$500,$ to be paid next month.

Paid salaries to employees: $$3,000.$ Collected $$10,000$ from customers who were previously billed on credit.

Paid ABC Suppliers half of the amount owed from the previous creditpurchase.

An end$-$of$-$month count of inventory revealed that $$2,000$ worth of inventorywas unsold.