Microsoft Corp :

Transaction Description	Amount ($)
Initial Capital Investment by Owners	100,000
Purchase of Equipment (paid in cash)	20,000
Sales Revenue (50% on credit)	70,000
Payment of Rent	10,000
Purchase of Inventory on Credit	30,000
Payment to Suppliers	25,000
Collection from Credit Customers	35,000
Salaries and Wages Paid	15,000
Interest Expense	2,000
Depreciation on Equipment	1,000

Requirements:

1. Journalize the transactions for Microsoft Corp.
2. Post the transactions to the general ledger.
3. Prepare a trial balance as of the end of the period.

Prepare an income statement and balance sheet for the period.