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Abigail Armstrong started Abigail Armstrong Advertising on July 1st, and had the following transactions: 7-1: Abigail Armstrong contributed $400,000 cash to AAA 7-2: AAA purchased
Abigail Armstrong started Abigail Armstrong Advertising on July 1st, and had the following transactions: 7-1: Abigail Armstrong contributed $400,000 cash to AAA 7-2: AAA purchased supplies for $15,000 on account from Staples. 7-5: AAA purchased Office furniture for $40,000 on account from Office Depot. 7-7: AAA prepared and delivered an advertising campaign to Revlon Corporation and billed them $300,000. 7-10: AAA borrowed $200,000 cash from HSBC bank and signed a loan payable 7-11: AAA paid the Staples accounts payable from July 2nd in cash $15,000. 7-12: AAA prepared and delivered an advertising campaign to Target and received $100,000 cash. 7-13: Revlon Corporation paid their accounts receivable from July 7th, in cash $300,000 7-31: AAA paid rent in cash $40,000. 7-31: Depreciation expense on the office furniture $2,000. 7-31: AAA paid salaries in cash $60,000. Required: Record the transactions in the journal, post them to the ledger, prepare a trial balance, an income statement, an owner's equity statement and a balance sheet
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