Martin Company had the following transactions during its first month of operations: Junel The company received...

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Martin Company had the following transactions during its first month of operations: Junel The company received cash of £35,000 and issued common stock to the shareholders. 2 Borrowed £20,000 from the bank and signed a long-term note payable. 8 Purchased equipment with a short-term note payable for £10,000. 9 Performed services billed at £3,000 and received cash of £3,000. 10 Performed services for a client on account, £6,500. 12 Employees worked two weeks and were paid salaries of £1,000. 15 Paid the short-term note payable from the June 8 purchase. 22 Purchased office supplies on account for £7,000. 30 Paid amount due for office supplies. 30 Paid June's monthly rent of £500. 30 Paid the monthly income taxes of £2,200. 30 The Board of Directors declared and paid dividends of £1,000. Required: A. Create Journal Ledger for the Martin Company. Write the narration with the entries. B. Prepare a single-step income statement for the first month of operations. Include a proper heading. Martin Company had the following transactions during its first month of operations: Junel The company received cash of £35,000 and issued common stock to the shareholders. 2 Borrowed £20,000 from the bank and signed a long-term note payable. 8 Purchased equipment with a short-term note payable for £10,000. 9 Performed services billed at £3,000 and received cash of £3,000. 10 Performed services for a client on account, £6,500. 12 Employees worked two weeks and were paid salaries of £1,000. 15 Paid the short-term note payable from the June 8 purchase. 22 Purchased office supplies on account for £7,000. 30 Paid amount due for office supplies. 30 Paid June's monthly rent of £500. 30 Paid the monthly income taxes of £2,200. 30 The Board of Directors declared and paid dividends of £1,000. Required: A. Create Journal Ledger for the Martin Company. Write the narration with the entries. B. Prepare a single-step income statement for the first month of operations. Include a proper heading.

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