LaBeach Inc. began operations of their business to manufacture and service industrial and sanitary pumps, mixers, heat exchangers and processing equipment on January $1,2022.$ The company$’$s fiscal year ends on December $31.$ The closing trial balance on December $31,2022,$ follows, with all accounts having their normal debit or credit balances:

Account No$.$ Account Titles Amount

$01$ Cash $$3,000$

$02$ Accounts Receivable $5,000$

$03$ Service Supplies Inventory $12,000$

$04$ Land

$05$ Equipment $60,000$

$06$ Accumulated Depreciation $($Equipment$)6,000$

$07$ Other Assets $4,000$

$11$ Accounts Payable $5,000$

$12$ Notes Payable

$13$ Wages Payable

$14$ Interest Payable

$15$ Income Taxes Payable

$21$ Contributed Capital $(65,000$ shares$)65,000$

$31$ Retained Earnings $8,000$

$35$ Service Revenue

$40$ Depreciation Expense

$41$ Income Tax Expense

$42$ Interest Expense

$43$ Other Expenses

Transactions and events during $2023$ are as follows:

a$)$ Borrowed $$10,000$ cash on a $6$ percent note payable, dated March $1,2023.$

b$)$ Purchased land for future building site: paid cash of $$9,000.$

c$)$ Earned revenues for $2023$ of $$160,000,$ including $$50,000$ on credit.

d$)$  Sold $3,000$ additional shares for $$1$ cash per share.

e$)$ Recognized other expenses for $2023,$ $$85,000,$ including $$20,000$ on credit.

f$)$ Collected accounts receivable of $$24,000.$

g$)$ Purchased other assets, $$10,000$ cash.

h$)$ Paid accounts payable, $$13,000$

i$)$ Purchased service supplies inventory on account $,$ $$18,000$ 

j$)$ Signed a $$25,000$ service contract to start February $1,2024.$

k$)$ Declared and paid cash dividend of $$15,000$

Data for adjusting entries are as follows:

l$)$ Service supplies inventory on hand at December $31,2023$ is $$12,000,$ charged to $“$other expenses$”$ account$).$

m$)$ Depreciation on the equipment is estimated to be $$6,000$ per year.

n$)$ Accrued interest on notes payable

o$)$ Wages earned since the December $24$ pay date, but not yet paid, is $$15,000$

p$)$ Income tax expense for $2023$ payable in $2024$ is $$8,000.$

Required:

$1.$ Set up T$-$accounts for the accounts on the trial balance and enter their beginning balances.

$2.$ Record the journal entries for transactions $($a$)$ through $($k$)$ and post them to the T$-$Accounts.

$3.$ Record the journal entries for $($i$)$ through $($p$)$ and post then to the T$-$Accounts.

$4.$ Prepare the Statement of Earnings $,$ and a Statement of Changes in Equity for $2023,$ and a Statement of Financial Position at December $31,2023.$

$5.$ Record and post the closing entries.

$6.$ Prepare a post$-$closing trial balance.