1. Acquired $30,000 cash from the issue of common stock.
2. January 1 borrowed $40,000 cash from National bank with terms of 6% interest paid at the end of each year on a 10-year loan.
3. Purchased inventory on account for $50,000 (2/10, N/30)
4. The inventory in event 3 was delivered FOB shipping point for $200 cash.
5. Sold inventory for cash $48,000 (cost of goods sold was $30,000).
6. Paid cash expenses of $5,000.
7. Purchased $800 worth of supplies for cash.
8. Paid $20,000 for inventory purchased in event 3 after the discount period.
9. Performed $2000 worth of services via credit card at a 3% fee.
10. Collected the total amount due to the credit card company
11. Purchased land and equipment for $70,000 cash. It was determined that the land value was 60% of the purchase and the equipment was 40%.
12. Earned $58,000 on account for performing services (1/10, N/30)
13. The collected balance on accounts receivable within the discount period.
14. August 1 received a $24,000 cash advance for services to be performed over the next 12 months.
15. A recognized portion of the revenue earned for event 14.
16. Recognize depreciation on the equipment purchased inline 11 assuming the equipment will have a salvage value of $5000 after 10 years and ABC, Inc. uses the straight-line method.
17. Paid $1,000 cash dividend at the end of 2019.
18. Paid interest accrued on banknote at the end of 2019.
19. Recognized an ending supplies balance of $150.
20. Determining the market value of land is $75,000.
21. The physical count of inventory on hand at the end of 2019 was $20000.

Question:

Prepare the closing documents.

Income Statement

Net Sales

Less COGS

Gross Margin

Less Operating Expenses

Net Income

Changes in Stockholders Equity

Beginning Commons stock

Plus, Stock Issued

Ending Common Stock

Beginning Retained Earnings

Plus, Net Income

Less Dividends

Ending Retained Earnings

Total Stockholders Equity

Balance Sheet

Assets

Cash

Inventory

Supplies

Equipment

Less Accumulated Depreciation

Land

Total Assets

Liabilities

Prepaid Services

Accounts Payable

Notes Payable

Total Liabilities

Stockholders Equity

Common Stock

Retained Earnings

Total Stockholders Equity

Statement of Cash Flows

Cash Flows from Operating Activity

Cash Receipts from Revenue

Cash Payments for expenses

Net Cash Flows from Operating Activities

Cash Flows from Investing Activities

Cash Payment for land

Cash Payment for Equipment

Net Cash Flows from Investing Activities

Cash Flow from Financing Activities

Cash from Borrowing Funds

Cash from Issuing Common Stock

Less Cash Payments for Dividends

Net Cash Flow from Financing Activities

Net Increase in Cash

Plus Beginning Cash Balance

Ending Cash Balance