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Q1- (15 Marks) The general ledger of FastTrack Racing on January 1, 2021, includes the...

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Q1- (15 Marks) The general ledger of FastTrack Racing on January 1, 2021, includes the following account balances: The following is a summary of the transactions for the year: a. Provide services to customers on account, $63,400. b. Provide services to customers for cash, $75,800. c. Collect on accounts receivable, $45,600. d. Issue shares of common stock in exchange for $32,000 cash. e. Purchase supplies on account, $12,700. f. Pay on accounts payable, $11,500. g. Pay salaries for employee work in the current year, $66,200. h. Pay advertising for the current year, $21,500. i. Pay $2,800 cash dividends to stockholders. Required: 1. Record (Joumalize) each of the summary transactions listed above. ( 3 Marks) 2. Prepare an unadjusted trial balance. (2 Mark) 3. Record adjusting entries. Accrued interest on the notes payable at year-end amounted to $2,800. Accrued salaries at year-end amounted to $2,500. Supplies remaining on hand at the end of the year equal $2,600. ( 3 Marks) 4. Prepare an adjusted trial balance. ( 2 Mark) 5. Record (joumalize) closing entries. (2 Marks) 7. Prepare a post-closing trial balance. ( 3 Mark)

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