Problem 1 ( 7 points) (CLO. 2.2) On 31 .3.X7 the business made the following transactions after the balances listed above had been calculated. 1. Bought materials for 1,000, half for cash and half on credit. 2. Made sales of 1,040,800 of which were on credit 3. Paid wages to shop assistants of 260 in cash. Instructions 1. Prepare the journal entries 2. Draw up a trial balance showing the balances as at the end of 31.3.7. 3. Prepare Income Statement at 31 .3.X7 (1 point) 4. Prepare Balance Sheet at 31 .3.X7 (1 point) 5. Prepare Retained Earnings Statement at 31.3.X7 (1 point) 6. Prepare Closing entries at 31.3.7 ( 1 point) Problem 1 ( 7 points) (CLO. 2.2) On 31 .3.X7 the business made the following transactions after the balances listed above had been calculated. 1. Bought materials for 1,000, half for cash and half on credit. 2. Made sales of 1,040,800 of which were on credit 3. Paid wages to shop assistants of 260 in cash. Instructions 1. Prepare the journal entries 2. Draw up a trial balance showing the balances as at the end of 31.3.7. 3. Prepare Income Statement at 31 .3.X7 (1 point) 4. Prepare Balance Sheet at 31 .3.X7 (1 point) 5. Prepare Retained Earnings Statement at 31.3.X7 (1 point) 6. Prepare Closing entries at 31.3.7 ( 1 point)