Accounting-You have secured a loan through

Just Need answerDay 1You have secured a loan through “PSU Bank”$48,000 principleLength of note: 5 yearsInterest: 1 1/2 % (could be expressed as 1. 5%)Appropriateprincipalandaccruedinteresttoberepaidattheendofeachyeartheloanisoutstanding(i. e. ,thenextpaymentwillbeOctoberofnextyear). Day2Buy office supplies: $100Rent office equipment: $150/month- pay 3 months worthRent office space $1500/month- pay 3 months worth and 1 month security deposit (same dollar amount as the monthly rent)- “Security Deposit” usually listed as an Asset,same amount as one month’s rentSecurebasicinsurance: $100/month-pay6monthsworthNote: eventhoughthesetransactionsoccurredonDay2,anynecessaryadjustmentswillbemadeforthefullmonth. Day 3Hire a receptionist: salary: $275/week- Pay on bi-weekly basis – first pay day is Day 12- Work schedule: Mon-Fri 9am-5pm- Today is the first day of employmentDay 4Provide 120 units of service -70on account and50 for cashYoursellingpriceis$26. 50Day 12PayyourreceptionistnowandeverytwoweeksfromhereDay18Collectonallaccountsreceivableoutstanding. Day 30The 3 corporate directors want a dividend payment. Can you? The answer is no,why not?Instead, since they are also officers of the company, pay each of them a salary of $100Usingthe process for a general ledger system,prepare the following for your first month of operation: Trial BalanceMake necessary adjustments(Note: The Receptionist calculates $45 of office suppliesare on hand. )Adjusted Trial BalanceClose the books for the month and preparethe following financial statements: Income StatementBalance SheetProduceaPost-closingTrialBalanceQUESTION1. Net Income through 30 days2. Total assets are3. Total Liabilities are