Purchased on net $30-$day terms and received delivery of art works from Shanghai Export Company $($see vendor invoice no$.08-1234$ in Appendix I$).$

The following transactions took place during the month of August as evidenced by the supporting documents in Appendix I:

Aug $1$ The corporation opened a bank account at the First National Bank with a deposit totaling $$10,000.$ The deposit consisted of a $$5,000$ investment by Mae Ling and an additional $$5,000$ by James Madison. In return, the corporation issued $500$ shares of common stock to Ling and an equal number to Madison. Aug $2$ Paid one month's rent for office space. $$1000$

Aug $3$ Purchased a pre$-$owned $2013$ Ford Suburban van for $$15,000$ from Vans Unlimited: $$4,000$ in cash, remainder as a loan from the First National Bank in the form of a $12\%($interest$)$ note payable in $48$ equal monthly installments.

Aug $6$ Purchased on net $30-$day terms and received delivery of art works from Shanghai Export Company: $20$ Sculptures for $$12000$

Aug $17$ Delivered to The Gift Gallery on C$.$O$.$D$.$ terms five ivory sculptures for $$5,000.($China Trade sales Invoice no$.10001).$ Received payment in full upon delivery.

Aug $18$ Delivered to Vanity Faire six Chinese paintings with an invoice for $$7,800$ with Net $10$ terms. $($Sales Invoice No$.10002).$

Aug $28$ Miscellaneous expenses were paid $$1300$

$$Aug $29$ Received payment of $$2,000$ on account from Vanity Faire.

Aug $30$ declared a dividend of $$1\mathrm{.}00$ per share and checks were drawn the same day. Ling $-$ $$500$ & James $$500$

Aug $31$ Partial payment made to Shanghai Export Co $$6000$

Journalize the Transactions

Create a trail balance

$1.$ Create a balance sheet as of $08/31$

$2.$ Create an income statement with Net Income amount is $$3100($profit & loss this month with year to date column

$3.$ bank deposit detail $($this month$)$

$4.$ bank check detail $($Cash in bank balance is $$2000\mathrm{.}00$

$5.$ a$/$r aging detail $($all dates$)$

$6$ ap aging detail all dates