1. General Journal:
Date | Account                      | Debit    | Credit
--------------------------------------------------------------
1/12 | Cash                          | $10,000 |    
      | Shareholders' Equity |           | $10,000
--------------------------------------------------------------
1/12 | Cash                          |           | $10,000
      | Notes Payable               | $10,000 |
--------------------------------------------------------------
1/12 | Equipment                    | $9,000   |
      | Cash                          |           | $9,000
--------------------------------------------------------------
1/12 | Rent Expense               | $500     |
      | Cash                          |           | $500
--------------------------------------------------------------
2/12 | Cash                          | $4,500   |
      | Unearned Revenue       |           | $4,500
--------------------------------------------------------------
3/12 | Inventory                      | $7,000   |
      | Accounts Payable       |           | $7,000
--------------------------------------------------------------
4/12 | Accounts Payable       | $350     |
      | Inventory                      |           | $350
--------------------------------------------------------------
5/12 | Inventory                      | $6,600   |
      | Accounts Payable       |           | $6,600
--------------------------------------------------------------
6/12 | Accounts Receivable    | $16,000 |
      | Sales Revenue             |           | $16,000
--------------------------------------------------------------
6/12 | Cost of Goods Sold       | $4,200   |
      | Inventory                      |           | $4,200
--------------------------------------------------------------
7/12 | Accounts Payable       | $350     |
      | Accounts Receivable    |           | $350
--------------------------------------------------------------
16/12 | Accounts Payable     | $6,600   |
        | Cash                           |           | $6,600
--------------------------------------------------------------
25/12 | Cash                           | $11,200 |
        | Accounts Receivable    |           | $11,200
--------------------------------------------------------------
31/12 | Salary Expense            | $600     |
        | Accrued Expenses       |           | $600
--------------------------------------------------------------
31/12 | Retained Earnings     | $1,500   |
        | Cash                            |           | $1,500
--------------------------------------------------------------

2. Income Statement:
Revenue:
   Sales Revenue: $16,000
Expenses:
   Rent Expense: $500
   Cost of Goods Sold: $4,200
   Salary Expense: $600
Net Income: $10,700

3. Balance Sheet:
Assets:
   Cash: $3,700 ($10,000 - $10,000 + $9,000 - $500 + $4,500 - $6,600 + $11,200 - $1,500)
   Accounts Receivable: $4,500 ($16,000 - $350 - $11,200)
   Inventory: $4,750 ($7,000 - $350 - $4,200 - $350)
   Equipment: $9,000
Total Assets: $21,950

Liabilities:
   Notes Payable: $10,000
   Accounts Payable: $0
   Accrued Expenses: $600
   Unearned Revenue: $4,500
Total Liabilities: $15,100

Shareholders' Equity:
   Share Capital: $10,000
   Retained Earnings: $6,850 ($10,700 - $3,700 - $600)
Total Shareholders' Equity: $16,850

Total Liabilities and Shareholders' Equity: $32,950

6/12 sold on credit 50 mobiles at $200 each, credit term 2/30 n/60, the company uses FIFO inventory costing method, FOB destination point, known that transportation fee is $200.