Apps YMS Login Excel Accounting Testxdsx Edit and reply Download Save to OneDrive Data Review View Help Formulas File Home Insert Gener abe 12 Bv Cv Av K13 A B D E F G H 1 BASIC ACCOUNTING EXERCISE 2 3 1) summarize the journal entries required to record the following transactions. 4 2) prepare a draft balance sheet and income statement as at December 31. 5 6 7 January 1st 8 ABC Ltd is incorporated with share capital of 100 shares of $1 each. 9 All shares are issued and fully paid. 10 v 11 ABC Ltd is licensed to purchase and sell only one product: Widgets. 12 13 During the year 14 The cost of a Widget is $5. 15 ABC Ltd sells 100 Widgets at sale price $10 each. 16 ABC Ltd pays $1200 in legal fees for the period relating to July 18 - June 30th 17 18 At December 31 19 There are no unsold Widgets in stock. Sheet1 Sheet2 Sheet3 Workbook Statistics CAUTION: The Sender of this email is not... TAXI 002 WO