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Beta Manufacturing started operations on January 1, Year 1. The following are the transactions for the first year: Transaction # Date Transaction Description Amount 1

Beta Manufacturing started operations on January 1, Year 1. The following are the transactions for the first year:

Transaction #

Date

Transaction Description

Amount

1

Jan 1, Y1

Issued common stock for cash

$125,000

2

Jan 20, Y1

Purchased manufacturing equipment for cash

$45,000

3

Feb 10, Y1

Purchased raw materials on account

$30,000

4

Mar 15, Y1

Paid cash for labor

$35,000

5

Apr 20, Y1

Paid cash for factory overhead

$12,000

6

Jun 1, Y1

Completed work on products (cost: $70,000)

-

7

Jul 10, Y1

Sold products costing $65,000 for cash

$100,000

8

Dec 31, Y1

Paid cash dividends to shareholders

$20,000

Required:

  1. Record the transactions in the general journal.
  2. Prepare the year-end adjusting entries.
  3. Prepare the income statement and balance sheet for the year ended December 31, Year 1.

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