Coca-Cola Co. :

• Starting Balances as of September 1, 2024:
  • Cash: $50,000
  • Accounts Receivable: $30,000
  • Inventory: $80,000
  • Equipment: $150,000 (Accumulated Depreciation: $25,000)
  • Accounts Payable: $40,000
  • Capital: $245,000
• September 2024 Transactions:
  • Purchased inventory for $60,000 on account.
  • Paid $20,000 towards accounts payable.
  • Sold inventory for $120,000 (cost of goods sold: $75,000).
  • Collected $50,000 from accounts receivable.
  • Paid $35,000 in operating expenses.
  • Recorded depreciation expense of $4,000.

Requirements:

1. Journalize the transactions.
2. Post to the ledger accounts.
3. Prepare an adjusted trial balance.
4. Prepare the income statement and balance sheet as of September 30, 2024.