Coca-Cola Co. :

• Transactions for March 2024:
  • Issued shares worth $350,000.
  • Purchased machinery for $90,000, paid $60,000 in cash, and the rest on credit.
  • Made sales totaling $250,000 (60% on credit), cost of goods sold $150,000.
  • Collected $140,000 from customers.
  • Paid $60,000 in salaries.
  • Paid $35,000 for utilities and other expenses.
  • Paid $25,000 towards machinery purchased on credit.
  • Recorded depreciation of $8,000 for the month.

Requirements:

1. Journalize the transactions for Coca-Cola Co.
2. Post the transactions to the general ledger.
3. Prepare an adjusted trial balance as of March 31, 2024.
4. Prepare the income statement and balance sheet as of March 31, 2024.