Morgan Corporation opened the year 20X6, with the following trial balance information:

January's transactions are listed below:

(a) Create the general ledger accounts, and enter the initial balances at the start of the month of January. This requirement is already completed on the worksheets.

(b) Prepare journal entries for January’s transactions.

(c) Post January's transactions to the appropriate general ledger accounts.

(d) Prepare atrial balance as of January 31.

(e) Prepare an income statement and statement of retained earnings for January, and a balance sheet as of the end of January.

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MORGAN CORPORATION Trial Balance January 1, 20X6 Debits $ 25,000 Cash Accounts receivable Land Accounts payable Loan payable Capital stock Retained earnings Dividends Revenues Salaries Expense Rent expense Supplies Expense Credits 75,000 150,000 $ 60,000 30,000 50,000 110,000 Interest Expense $250,000 $250,000