RANSACTION ENTRIES & FINANCIAL STATEMENTS

Mrs. Norma J. Baker started a business for Designer Clothes for Hire*. The company is named N.J.E Corp. and began operations on August 1*, 2021. Transactions during the month of August 2021 were as follows:

Aug. 01 N.J.B Corp. issued 5,000 shares of Capital Stock to Mrs. Norma J. Baker in exchange for $10,000 cash.

Aug. 03 Bought a 3D Body Scanner for $5,500, made a $1,500 Cash Down Payment and issued a Note Payable for the remaining balance.

Aug. 06 Collected a $1,590 Account Receivable from a customer for lending a Designer Dress in August 2021.

Aug. 11 Send Invoices to customers $5,500 for Services performed in August.

Aug. 13 Paid $1,430 in salaries.

Aug. 18 Paid $2,200 for the office rent.

Aug.21 Bought gasoline for the truck and on account $197.

Aug.23 Received a $695 invoice from KCLR Radio for ads aired (published via Radio) in August

Aug.28 Paid $498 cash for electricity usage for the month.

Aug.29 Collected $3,000 of the amount billed to customers on August 11"

Aug.30 Declared a $350 Dividend to be paid on August 30th.

Account Titles used by N.J.B Corp. are: Cash

Accounts Receivable 3D Body Scanner Notes Payable Accounts Payable Dividends Payable Capital Stock Note: Not every title might be used. Radio-Ad Expense Dividends Service Revenue Electricity Expense Gasoline Expenses Salaries Expense Rent Expense

Task (B) Prepare the Journal Entries for each transaction.

Task (C) Prepare the Ledger Entries for each transaction

Task (D) Prepare a Trial Balance Steet Statement for August 2021.

Task (E) Prepare an Income Statement for August 2021.

Task (F) Prepare a Balance Sheet Statement for August 2021.

Has N.J.B Corp made a Profit or a Loss ? what is the amount ?