During December, the last month of operation for the calendar year, the following internal and external transactions occurred for the month. Analyze these transactions, record the transactions in the Journal, post to the Ledger, and prepare an Unadjusted Trial Balance for December 31, 2020.

12/1/20: Issued additional $3,000,000 of Common Stock

12/1/20: Purchased Supplies from Office Max for $30,000 on Account

12/10/20: Provided Services for $500,000 Cash

12/15/20: Provided Services for $400,000 on Account

12/15/20: Paid Account Payable of $10,000 from the above transaction

12/22/20: Provided Services for $100,000 on Account

12/31/20: Paid Utilities of $20,000 for December

12/31/20: Paid Advertising of $10,000 for December

12/31/20: Paid Salaries of $100,000 for December

12/31/20: Paid Dividend of $50,000

12/31/20: ABC received $100,000 for a service to be performed during January,2021

On December 31, 2020, it was noted that NO Adjusting Entries were made during the year. Therefore, following Accrual Accounting, analyze the following information, and record the required Adjusting Entries in the Journal, post to the Ledger, and prepare an Adjusted Trial Balance.

12/31/20: Supplies used totaled $5,000

12/31/20: On January 1, 2020, Rent was paid of $60,000 for two years. You initially recorded to an expense account on January 1, 2020.

12/31/20: On January 1, paid Insurance of $288,000 for a two-year policy. You initially recorded to a prepaid account on January 1, 2020.

12/31/20: Equipment had a salvage value of $2,000 and a life of 5 years using Straight-line depreciation

12/31/20: The loan recorded on January 1, 2020 was for 2 years at a 12% interest rate. The principal and interest will be paid on 12/31/2021.

12/31/20: Accrued Salaries were $50,000

12/31/20: Accrued Utilities of $30,000

12/31/20: Estimated uncollectible Accounts Receivable using a GAAP Method were $30,000

Prepare the Financial Statements as of December,2020.

NOTE: You do not need to prepare a Statement of Cash Flow.

Close the Temporary Accounts, record in the Journal, post to the Ledger, and prepare a Post-Closing Trial Balance.

Do you have any comments for the CFO of the ABC Corporation after the first month of business? Write a short paragraph.

Please include the following:

Ledger for December 31, 2020 in order by Accounts

Unadjusted Trial Balance for December 31, 2020

Adjusted Trial Balance for December 31, 2020

Financial Statements for December 31, 2020

Post-Closing Trial Balance for December 31, 2020