Beginning balances at 1/1/19 are as follows: all accounts have normal balances.Cash$108,000Accounts Receivable$10,000Allowance for Doubtful Accounts$1,500Inventory$21,000Land$80,000Accounts Payable$7,200Common Stock$98,500Retained Earnings$111,800The following transactions occurred in 2019:1.Purchased $50,000 of inventory on account.2.Sold inventory that cost $40,000 for $87,000on account.3.Wrote off $1,000 of accounts deemed uncollectible.4.Sold inventory that cost $10,000 for $22,000 via credit card sales. The processing fee charged by the bank was 4%.a.Collected the cash from the credit card sales from the bank. (You can combine this with the prior transaction and assume the cash was immediately collectedor record each separately.)5.Collected $75,000 from accounts receivable. 6.Sold inventory that cost $14,000 for $40,000. Half was received in cash, the other half was soldon account.7.A $200 account that had been previously written off was collected.8.Collected $20,000 from accounts receivable.9.Paid $50,200 on accounts payable.10.Loaned $60,000 to the Atwood Company on September 1, 2019. Terms of the note call for interest to be charged at 6%. The money borrowed and interest must be re-paid on September 1, 2020.11.Paid a $3,000 dividend.12.Estimated bad debts at 10% of accounts receivable.13.Paid operating expenses of $6,000in cash.14.Sold the land for $76,000 cash Required:1.Record all transactions and necessary adjustments in t-accounts.2.Prepare amulti-step income statement and a statement of changes in equity for the year ended 12/31/19.3.Prepare a balance sheet at 12/31/19.4.What isthe net cash flow from operating activities, financing activities and investing activitiesfor 2019?5.Prepare the closing entry as of 12/31/2019 (do NOT post this entry to the t-accounts).

What are the T-accounts for: Stock, Retained Earnings, Revenue, Interest Revenue, Uncollectible Accounts Expense, and Interest Receivable?

What is the Statement of Changes in Equity?

Beginning balances at 1/1/19 are as follows - all accounts have normal balances. Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Land Accounts Payable Common Stock Retained Earnings $108,000 $10,000 $1,500 $21,000 $80,000 $7,200 $98,500 $111,800 The following transactions occurred in 2019: 1. Purchased $50,000 of inventory on account. 2. Sold inventory that cost $40,000 for $87,000 on account. 3. Wrote off $1,000 of accounts deemed uncollectible. 4. Sold inventory that cost $10,000 for $22,000 via credit card sales. The processing fee charged by the bank was 4%. a. Collected the cash from the credit card sales from the bank. (You can combine this with the prior transaction and assume the cash was immediately collected or record each separately.) 5. Collected $75,000 from accounts receivable. 6. Sold inventory that cost $14,000 for $40,000. Half was received in cash, the other half was sold on account. 7. A$200 account that had been previously written off was collected. 8. Collected $20,000 from accounts receivable. 9. Paid $50,200 on accounts payable. 10. Loaned $60,000 to the Atwood Company on September 1, 2019. Terms of the note call for interest to be charged at 6%. The money borrowed and interest must be re-paid on September 1, 2020. 11. Paid a $3,000 dividend. 12. Estimated bad debts at 10% of accounts receivable. 13. Paid operating expenses of $6,000 in cash. 14. Sold the land for $76,000 cash