Accrual Basis

Prepare JKL$\text{'}$s Income Statement from the data above. $($Accrual Method$)$

Prepare the Statement of Retained Earnings from the data above. $($Accrual Method$)$

Prepare the Balance Sheet for JKL Co$.$ from the above data. $($Accrual Method$)$

JKL Co$.$ had the following transactions during the month:

a$.$ shareholder deposits $$125,000$ into JKL Co$.\text{'}$s bank account in exchange for common stock

b$.$ JKL Co$.$ receives a loan from the bank for $$75,000$

c$.$ JKL Co$.$ bought land for $$100,000$

d$.$ JKL Co received cash of $$10,000$ from customers; all services have been provided

e$.$ JKL Co$.$ has $$2,000$ of sales on account; services have been provided but no cash was paid and the customer will be billed

f$.$ JKL Co$.$ received cash of $$5,000$ from customers, however no services have been provided yet

g$.$ JKL Co$.$ paid cash dividends of $$1,000$

Adjustments

a$1.$ the customer from transaction $($e$)$ paid $$500$ towards their bil