Jan. 5, 2020 Received customer payment of $15,000. Accounting Project - Part 1 Required: Jan. 20, 2020 Sold a $40,000 non-interesting bearing note to U.S. Bank Corporation. Received $38,000 cash. Note is due on January 19, 2021. 1. Prepare the following, December 31, 2019 financial statements: a. Income Statement b. Retained Earnings Statement C. Balance Sheet Note: The December 31, 2019 adjusted trial balance is provided below. 2. Prepare the fiscal year end closing entries. 3. Prepare the January 1, 2020 opening trial balance. 4. Prepare the journal entries for the first six months of 2020. Note: The owners provided a written summary of activities they believe accounting entries need to be prepared (see page 3). 5. The owners would like to know the current (as of 6/30/20) cash and inventory balance. They would like you to Jan. 29, 2020 Purchased $65,000 inventory on account. Jan. 30, 2020 Paid $65,000 to suppliers for previous purchases of inventory. Jan. 31, 2020 Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000). Paid for various supplies etc. (company policy to expense as incurred). Selling department supplies $3,200 Administrative department supplies $2,100 Feb. 15, 2020 provide a "T" account showing the activity in each account. Feb. 28, 2020 Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000). March 5, 2020 Paid $10,000 to suppliers for previous purchases of inventory. ExpressZZaPie Adjusted Trial Balance March 10, 2020 Sold $47,000 of product on account to 3Meats Pizza. Cost of the product sold was $24,000. December 31, 2019 March 31, 2020 Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000). Account Cash Debit Credit April 10, 2020 Received customer payment of $47,000. 184,000 Accounts Receivable Allowance for Doubtful Accounts 15,000 April 20, 2020 Paid $30,000 to suppliers for previous purchases of inventory. 100 Inventory Equipment- Packaging 23,000 72,000 April 30, 2020 Pald monthly salaries to sales staff ($4,500) and administrative staff ($5,000). Equipment- Office Accumulated Depreciation: Equipment- Packaging Accumulated Depreciation: Equipment- Office Accounts Payable Interest Payable SBA Loan (Long-Term) 22,000 May 2, 2020 Paid sales commis of $14,000 due to sales staff. 7,200 May 3, 2020 2,200 72,500 Paid for various supplies etc. (company policy to expense as incurred). Selling department supplies $1,650 Administrotive department supplies $1,150 10,000 110,000 $ 0.01 2,800 May 5, 2020 Sold $63,000 of product to Target Pizza. Cost of the product sold was $48,000. Common Stock Par 97,200 Additional Paid-In Capital Retained Earnings Dividends Sales (Revenue) Cost of Goods Sold (COGS) Selling Expense Administrative Expense May 31, 2020 Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000). June 5, 2020 Purchased $50,000 inventory on account. 265,000 86,000 65,000 85,000 15,000 567,000 June 10, 2020 Paid $40,000 to suppliers for previous purchases of inventory. June 14, 2020 Sold $66,000 of product on account to Picky Pizza. Cost of the product sold was $38.000. Income Tax Expense 567,000 Paid monthly salaries to sales staff ($4,500) and administrative staff ($5,000). June 30, 2020