1. Please write a four-to-six sentence paragraph on the following question. Describe each of the four basic financial statements. What is the relationship between them?
2. During the first month of operations (March 2013), Jiffy Enterprises completed the following selected transactions:a. The business received $19,000 in cash and a building valued at $59,000. The corporation issued stock to the contributors of these.b. Borrowed $16,800 from the bank and signed a note payable to themc. Paid $19,000 for equipmentd. Purchased supplies on account for $900e. Paid employees’ salaries of $9,100f. Performed services for customer on account, $9,800g. Paid $150 of the accounts payable in transaction d aboveh. Received a $750 bill for advertising expense that will be paid in the near futurei. Received cash on account, $1,600j. Paid rent of $1,600Required:1. Prepare the journal entries for the above transactions. 2. Prepare the trial balance sheet of Jerry Enterprises as of March 31, 2013.