A. The transaction postings per account: Asset, Liability, Equity, Expenses, and Income

B. Determine the Cost of Manufactured Goods and the Cost of Goods Sold

C. The summary reports for the Balance Sheet and for the Income Statement

Transactions:

1. $10,000 dollars were received as Market Share earnings and deposited in cash.

2. 200 material units were purchased for production by using a loan of $4,000.

3. New packaging equipment was purchased using a loan of $9,000. The equipment has a life of 8 years and a residual value of $1,000.

4. The equipment is depreciated for one year.

5. Of the materials units, 140 were used in production.

6. Electricity (Power) was paid for $470.

7. The labor charges of the Quality Inspector and the Supervisor are paid for a total of $800

8.Sales department costs were paid in the amount of $1,500

9.The Distribution costs were paid for the amount of $2,000.

10. A sales of 130 products were done at $80 per product.