Directions: The following information represent a full case for the same company. You are required to perform the accounting cycle steps as directed. Be organized and neat, your answers should be hand written. Scan your final answers and upload to moodle using the folder term assignment by 5/12/2018 12:00 pm:

Transactions for Mera Company for the Year 2018 are presented below.

1. 1/1/2018 Issued ordinary shares in exchange for $99,000 cash.

2. 5/2/2018 Purchased land costing $43,200, for cash.

3. 3/3/2018 Performed a services for company x on account for $310,000.

4. 1/4/2018 Received $264,800 for the services performed on 3/3/2018.

5. 10/5/2018 Purchased Equipment for $110,000 in cash

6. 15/8/2018 Purchased supplies on account for $10800.

7. 14/11/2018 Paid $4800 for a one-year insurance policy.

8. 1/12/2018 paid the following expenses in cash: utilities exp 12800 : salaries exp 50000 : rent exp 131000.

First: Journalize each transaction, post and balance to accounts, and then prepare the Unadjusted trial balance.

At year end 31/12/2018 , the following information are avaiable for you.

Insurance expired during the year, $2,000.

Depreciation on furniture and equipment, 15000 per year

A count of supplies on December 31, 2018, indicates that supplies of 5800 are on hand.

Mera Company performed disinfecting services for a client in December 2018. The client will be billed 3,000.

Salaries of 8000 are unpaid and due.

Second: Prepare the necessary adjusting entries and then prepare the trial balance after the adjusting entries.

Third: Prepare the Income Statement, Retained Earnings statement, and financial positon statement at 31/12/218

Fourth: Prepare the necessary closing entries.

Fifth: prepare a post-closing trial balance