Take the transactions for Hoad Ltd (Problem 3.2 in Chapter 3) and:
1. Prepare journal entries
2. Post to the ledger accounts
3. Prepare a trial balance
4. Prepare closing entries
5. Prepare an income statement and a balance sheet.

Data from Problem 3.2

The following transactions occurred for the month of November 2016 for Hoad Ltd: 

a. The company was incorporated, with shareholders investing $200 000 in cash, 

b. Purchased inventory for cash, $20 000. 

c. Paid $4000 for a month's rent on the premises, 

d. Purchased inventory on credit, $30 000.
e. Received an advertising bill for a newspaper advertisement to promote the new company. The $1000 bill will be paid in December.
f. Inventory with a cost of $40 000 was sold on credit for $90 000. 

g. Paid $25 000 of accounts payable, 

h. Received $30 000 from accounts receivable, 

i. Paid wages of $15 000.
j. Paid sales commission at the rate of 1 percent on sales made during the month, 

k. Purchased a new computer for $6000; paid $3000 in cash and $3000 to be paid in 15 months time.
I. Owed employees $2000 in wages at the end of the month.