Ceca This project gives a company's starting balance sheet, and lists 18 transactions Required 1. Prepare journal entries for the 18 transactions 2. Prepare a trial balance showing what the ending ledger balances would be after the 18 transactions 3. Prepare an income statement for the year. 4. Prepare a statement of stockholders' equity for the year 5. Prepare a balance sheet at the end of the year. Northeast Company January 1, 2019 Balance Sheet 20,000 110,000 (10,000) Cash Accounts receivable Less Allowance fordoubtful accounts Inventory (500 units @ $20 each) Equipment Less: Accumulated depreciation 10,000 9.000 (2,000) Total assets 137.000 Accounts payable 20,000 Long-term notes payable (5% interest, due in 2020) 100,000 Capital stock 10,000 Retained earnings 7.000 137.000 3 la otv 80 P9 82 og DU DD F7 @ & 2 # 3 $ 4 % 5 6 7 8 9 W E 20 TY U Table Chart Test Teem Catan Media Con Transactions or events a. The company collected 98,000 of the accounts receivable in cash, b. The company wrote of one $1,000 accounts receivable from J. Jones On Jan. 1, the company bought a car for $30,000 on notes payable d. The company paid 19,000 of its accounts payable in cash. c. The company bought 900 units af inventory for S21 each in cash 1 The company bought a year insurance policy for $2400 on October 1, 2019 The company paid rent for the month December, 2019 through December 31, 2020 of $18,000 on December 1, 2019 1. On July 1, the company bought rights to a potent for $20,000. The patent has ten more years of useful life On Dec 31, the company made an adjustment for rent for December 2019 for $1,500 i On Dec. 1, the company bought another 200 units of inventory for $22 on account k On Dec. 15, the company sold 1,300 units for $30 each. 1000 were sold for cash, and 300 on dccount. The company accounts for its inventory on the FIFO basis The company decided to record bad debt expense of $1.000 The company recorded depreciation on the equipment. The equipment is one year old. It had a cost of $9,000, salvage value of $1,000, and an expected useful life m. The company recorded depreciation on the car, using the straight line method, assuming it had a five year life, and salvage value of $6,000 The company made the appropriate adjustment to reflect the fact the insurance policy only had nine more months left of effectiveness. a. The company accrued the interest that had been built up on the long-term notes and the money had been borrowed on January 1, 2018. No payments of interest or principal were due until sometime in 2020. p. The company made the appropriate entry to record amortization on the patent on December 31 On December 1, the company paid dividends of S1,000 to its shareholders. Noth Select an oby of 4 years i 3 tv 988 90 bu 90 FY 99 @ # $ 4 % 5 & 7 N 3 6 8 9 0 W E R TY U 0