Bill Wiggly organized Widget Company. The following transactions were completed in 201X:

a) Bill Wiggly paid in $30,000 to start the business.

b) Equipment for use in the business was purchased for $9,000. Two-thirds of the price was paid in cash, the rest was due in a year.

c) Service fees earned were $60,000; $6,000 of this was on credit (terms).

d) Operating expenses incurred were $35,000; $4,000 was on credit (terms).

e) Half the money owed to Widget Co. was collected.

f) Two thousand dollars owed by Widget Co. was paid off.

g) Wiggly bought a car for $12,000 for his personal use, half paid for now from his personal savings and half to be paid in a year.

Question:

1. Provide journal entries for each of the events.

2. Prepare a trial balance at the end of the year for the widget company.