ABC OIL CHANGE CORP

January 1 initial investment for the service business for $ 15,000

January 3 Machinery for oil change of vehicles was acquired for $ 25,000 to accounts payable

January 6 Services were performed to clients for three days which generated $ 10,000 in charged services

February 20 Truck Services company hired ABC oil change for oil and filter maintenance for one year

February 28 ABC OIL billed Truck Services for $ 5,000 in services performed

March 4 during the last period generated $ 25,000 in revenue to individual clients

March 20 wages of $ 2,000 are due

April 15 the corporation issued a quarterly tax payment of $ 3,700

May 10 Truck Services paid the February invoice in full

June 12 Profit of $ 2,400 was paid

July 15 Rent was paid for $ 8000

August 21 generated income from services to individual clients of $ 75,000 since the last report

September 30 Truck Services prepaid $ 12,000 for a service to be performed in January 2021

October 1 wages due were paid on March 20

November 11 advertising was paid for $ 150.00

November 25, $ 250.00 was withdrawn for Petty cash

November 30 lunch was purchased for the employees for $ 100.00 from the Petty cash account

December 30, loans were requested for notes payable for $ 29,000

December 31 accumulated accident insurance for $ 450 was paid

December 31 depreciation of the equipment was for $ 1,500

December 31 the owner withdrew $ 1,400 for personal use

Instructions

1) Perform Jornal entries

2) Perform T accounts

3) Perform Trial Balance

4) Perform Worksheet

5) perform income statement, owners equity statement and balance sheet

6) perform the cash flows