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Based on the given below 1. Please fill out the balance sheet: 2) ABC Co. had the following transactions during the month: a. b. C.
Based on the given below
1. Please fill out the balance sheet:
2) ABC Co. had the following transactions during the month: a. b. C. d. e. shareholder deposits $200,000 into ABC Co.'s bank account in exchange for common stock cash 200,000.00 stock 200,000.00 ABC Co. sold $220,000 worth of products and services to customers on account A/R 220,000.00 sales 220,000.00 at the beginning of the month ABC Co. paid 1 year of insurance in advance; $48,000 cash paid cash (48,000.00) prepaid insurance 48,000.00 ABC Co. takes out a $500,000 loan from the bank cash 500,000.00 loan payable 500,000.00 ABC Co. buys a building for $500,000 cash (500,000.00) building 500,000.00 ABC Co. paid cash dividends of $5,000 cash (5,000.00) dividends 5,000.00 ABC Co. received $12,000 for sales for services provided cash 12,000.00 sales 12,000.00 ABC Co. pays the bank $5,000 for toward the loan in transaction (d) cash (5,000.00) interest expense 5,000.00 ABC Co. received $5,000 for sales for services not yet to be provided cash 5,000.00 unearned revenue 5,000.00 customers from transaction (f) paid $200,000 f. g. h. i. j. Adjustments al it's the end of the month, make the appropriate adjustments to any prepaids previously recorded prepaid insurance (4,000.00) insurance expense 4,000.00 a2 company performed services from transaction (i) unearned revenue (5,000.00) sales revenue 5,000.00 a3 received cash of $20,000 for services previously provided in transaction (f) cash 20,000.00 a/r 20,000.00 ABC Co. Income Statement For the Period Ending Jan 31, 2021 Revenue sales 237,000.00 Total Revenue 237,000.00 Expenses interest expense insurance expense 5,000.00 4,000.00 Total Expenses 9,000.00 Net Income(Loss) 228,000.00 ABC Co. Statement of Retained Earnings For Period Ending Jan 31, 2021 228,000 Retained Earnings Jan. 1, 2021 Add: Less: -5000 Increase in Retained Earnings Retained Earnings Jan 31, 2021 223,000 ABC Co. Balance Sheet As of Jan 31, 2021 Assets Total Assets Liabilities Total Liablities Owner's Equity Total Owner's Equity Total Liabilities & Owner's EquityStep by Step Solution
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