ABC Corporation, a retail company, commenced operations on January 1, 20X1 Throughout the year, ABC engaged in various transactions Prepare journal entries for each transaction, create a trial balance, and then prepare an income statement and a balance sheet as of December 31, 20X1 Transactions ABC Corporation issued 10,000 shares of common stock at $10 per share, receiving cash Purchased inventory worth $20,000 on credit from XYZ Suppliers Sold inventory for $15,000 in cash Paid XYZ Suppliers $18,000 for the inventory purchased Purchased equipment for $25,000 in cash Received a $5,000 invoice for utilities Paid $4,000 for rent Sold inventory worth $12,000 on credit to customers Received $8,000 from customers for the sale made on credit Purchased office supplies for $2,500 on credit from Office Depot Paid salaries totaling $6,000 Received $10,000 as a loan from a bank Paid Office Depot $2,500 for the office supplies purchased Purchased additional inventory for $30,000 in cash Sold inventory worth $18,000 on credit to customers Received $12,000 from customers for the sale made on credit Paid $3,000 for repairs to the store building Paid $1,200 for insurance Paid utilities of $5,000 Received $10,000 from customers for the sale made on credit Paid $4,500 for advertising expenses Sold equipment for $15,000 in cash Paid salaries totaling $7,000 Received $3,000 as a dividend from investments Issued a $20,000 note payable to the bank Purchased inventory worth $25,000 on credit from LMN Suppliers Sold inventory for $22,000 in cash Paid LMN Suppliers $24,000 for the inventory purchased Purchased furniture for $10,000 in cash Paid $1,800 for insurance Received a $4,000 invoice for utilities Sold inventory worth $18,000 on credit to customers Received $14,000 from customers for the sale made on credit Paid $5,000 for rent Paid $6,500 for advertising expenses Received $2,000 from customers for the sale made on credit Paid utilities of $4,500 Purchased additional inventory for $35,000 in cash Sold inventory worth $30,000 on credit to customers Received $20,000 from customers for the sale made on credit Paid $8,000 for salaries Paid $2,000 for repairs to the store building Received a $6,000 invoice for utilities Sold inventory worth $25,000 on credit to customers Received $18,000 from customers for the sale made on credit Paid $6,000 for rent Paid $3,500 for advertising expenses Received $4,500 as a dividend from investments Paid utilities of $5,500 Purchased inventory worth $40,000 on credit from NOP Suppliers Instructions Record each transaction in the general journal Post journal entries to the trial balance Prepare an income statement for the year ended December 31, 20X1 Prepare a balance sheet as of December 31, 20X1

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ABC Corporation, a retail company, commenced operations on January 1, 20X1. Throughout the year, ABC engaged in various transactions. Prepare journal entries for each transaction,

ABC Corporation, a retail company, commenced operations on January 1, 20X1. Throughout the year, ABC engaged in various transactions. Prepare journal entries for each transaction, create a trial balance, and then prepare an income statement and a balance sheet as of December 31, 20X1.
Transactions:

ABC Corporation issued 10,000 shares of common stock at $10 per share, receiving cash.
Purchased inventory worth $20,000 on credit from XYZ Suppliers.
Sold inventory for $15,000 in cash.
Paid XYZ Suppliers $18,000 for the inventory purchased.
Purchased equipment for $25,000 in cash.
Received a $5,000 invoice for utilities.
Paid $4,000 for rent.
Sold inventory worth $12,000 on credit to customers.
Received $8,000 from customers for the sale made on credit.
Purchased office supplies for $2,500 on credit from Office Depot.
Paid salaries totaling $6,000.
Received $10,000 as a loan from a bank.
Paid Office Depot $2,500 for the office supplies purchased.
Purchased additional inventory for $30,000 in cash.
Sold inventory worth $18,000 on credit to customers.
Received $12,000 from customers for the sale made on credit.
Paid $3,000 for repairs to the store building.
Paid $1,200 for insurance.
Paid utilities of $5,000.
Received $10,000 from customers for the sale made on credit.
Paid $4,500 for advertising expenses.
Sold equipment for $15,000 in cash.
Paid salaries totaling $7,000.
Received $3,000 as a dividend from investments.
Issued a $20,000 note payable to the bank.
Purchased inventory worth $25,000 on credit from LMN Suppliers.
Sold inventory for $22,000 in cash.
Paid LMN Suppliers $24,000 for the inventory purchased.
Purchased furniture for $10,000 in cash.
Paid $1,800 for insurance.
Received a $4,000 invoice for utilities.
Sold inventory worth $18,000 on credit to customers.
Received $14,000 from customers for the sale made on credit.
Paid $5,000 for rent.
Paid $6,500 for advertising expenses.
Received $2,000 from customers for the sale made on credit.
Paid utilities of $4,500.
Purchased additional inventory for $35,000 in cash.
Sold inventory worth $30,000 on credit to customers.
Received $20,000 from customers for the sale made on credit.
Paid $8,000 for salaries.
Paid $2,000 for repairs to the store building.
Received a $6,000 invoice for utilities.
Sold inventory worth $25,000 on credit to customers.
Received $18,000 from customers for the sale made on credit.
Paid $6,000 for rent.
Paid $3,500 for advertising expenses.
Received $4,500 as a dividend from investments.
Paid utilities of $5,500.
Purchased inventory worth $40,000 on credit from NOP Suppliers.