During the first month of operations, the following transactions were completed by ABC Corporation: Dec 1 Issued 25,000 shares of $5 par common stock for cash of $18 per share. 6 ABC Company pays cash for Land and a building to be used in operations. The 7 Dec 3 land cost $100,000 and the building cost $75,000 8 Dec 4 Purchased $12,000 of store fixtures on account. 10 Purchased merchandise inventory from XYZ Company for $115,000, terms 11 Dec 5 n/eom, FOB destination. 12 ABC sold $50,000 of merchandise on account, 2/10,n/30,FOB shipping point. 13 Dec 6 The cost of merchandise sold was $20,000. 14 15 Dec 9 Paid adverting costs of $10,000 to promote new business. 16 Purchased merchandise inventory from QRS Company for $90,000, terms n/30, 17 Dec 10 FOB destination. 18 19 Dec 11 Purchased 550 shares of treasury stock for $15 per share. 20 21 Dec 12 ABC's Board of Directors declared a $32,000 cash dividend. 22 23 Dec 13 Paid $900 for utilities. 24 25 Dec 15 Paid cash dividends to common shareholders. 26 27 Dec 16 Received payment for merchandise sold on Dec. 6th. 28 ABC sold $75,000 of merchandise on account, 2/10, n/30, FOB shipping point 29 Dec 23 The cost of merchandise sold was $35,000. 30 31 Dec 24 Sold 250 shares of treasury stock for $20 per share. in Directions Chart of Accounts Journal-December Unadjusted Trial B 16 Purchased merchandise inventory from QRS Company for $90,000, terms n/30, 17 Dec 10 FOB destination. Dec 11 Purchased 550 shares of treasury stock for $15 per share. Dec 12 ABC's Board of Directors declared a $32,000 cash dividend. Dec 13 Paid $900 for utilities. Dec 15 Paid cash dividends to common shareholders. Dec 16 Received payment for merchandise sold on Dec. 6th. ABC sold $75,000 of merchandise on account, 2/10,n/30, FOB shipping point. The cost of merchandise sold was $35,000. Dec 24 Sold 250 shares of treasury stock for $20 per share. Dec 31 Paid balance owed to XYZ Company for purchases on Dec 5 . At the end of December, the following adjustment data were assembled. After a physical count of inventory, it was determined that $148,500 of inventory exists at December 31. Based on an analysis of A/R,ABC Company anticipates 3% of A/R to be uncollectible. Buildings are depreciated using the straight line method with no salvage value for 30 years. Round to the nearest dollar. Store Fixtures are depreciated using the straight-line method with no salvage value for 5 years. Round to the nearest dollar. ABC Corporation is a retail company that begins operations on December 1,20xx, which is incorporated in the state of NC. The ABC Corporation is authorized to issue 100,000 shares of $5 par common stock. The company uses a perpetual inventory system. The following is a chart of accounts for ABC Corporation. As a new business, all beginning balances are $0. 3 new business, all beginning balances are $0. 210 Accounts Payable 113 Accounts Receivable 8131 Accumulated Depreciation-Building 9. 141 Accumulated Depreciation - Store Fixtures 10520 Advertising Expense 11114 Allowance for Doubtful Accounts 12531 Bad Debt Expense 13130 Building 14.110 Cash \begin{tabular}{l|l|l} 15 & 330 & Cash Dividends \\ \hline 16 & 230 & Cash Dividends Payable \end{tabular} 17310 Common Stock, \$5 Par Value 18510 Cost of Merchandise Sold 19522 Depreciation Expense-Building 20525 Depreciation Expense - Store Fixtures 21120 Land 22115 Merchandise Inventory 23312 Paid-in Capital - Treasury Stock 24311 Paid-in Capital in Excess of Par-Common Stock 25320 Retained Earnings 26410 Sales 27140 Store Fixtures 28340 Treasury Stock 29530 Utilities Expense Name FABCC Corporation General Journal GENERAL JOURNAL Directions Chart of Accounts Journal-December Unadjusted Ready 61F Partly sunny ABC Corporation Statement of Retained Earnings For the month ended December 31, 20xx During the first month of operations, the following transactions were completed by ABC Corporation: Dec 1 Issued 25,000 shares of $5 par common stock for cash of $18 per share. 6 ABC Company pays cash for Land and a building to be used in operations. The 7 Dec 3 land cost $100,000 and the building cost $75,000 8 Dec 4 Purchased $12,000 of store fixtures on account. 10 Purchased merchandise inventory from XYZ Company for $115,000, terms 11 Dec 5 n/eom, FOB destination. 12 ABC sold $50,000 of merchandise on account, 2/10,n/30,FOB shipping point. 13 Dec 6 The cost of merchandise sold was $20,000. 14 15 Dec 9 Paid adverting costs of $10,000 to promote new business. 16 Purchased merchandise inventory from QRS Company for $90,000, terms n/30, 17 Dec 10 FOB destination. 18 19 Dec 11 Purchased 550 shares of treasury stock for $15 per share. 20 21 Dec 12 ABC's Board of Directors declared a $32,000 cash dividend. 22 23 Dec 13 Paid $900 for utilities. 24 25 Dec 15 Paid cash dividends to common shareholders. 26 27 Dec 16 Received payment for merchandise sold on Dec. 6th. 28 ABC sold $75,000 of merchandise on account, 2/10, n/30, FOB shipping point 29 Dec 23 The cost of merchandise sold was $35,000. 30 31 Dec 24 Sold 250 shares of treasury stock for $20 per share. in Directions Chart of Accounts Journal-December Unadjusted Trial B 16 Purchased merchandise inventory from QRS Company for $90,000, terms n/30, 17 Dec 10 FOB destination. Dec 11 Purchased 550 shares of treasury stock for $15 per share. Dec 12 ABC's Board of Directors declared a $32,000 cash dividend. Dec 13 Paid $900 for utilities. Dec 15 Paid cash dividends to common shareholders. Dec 16 Received payment for merchandise sold on Dec. 6th. ABC sold $75,000 of merchandise on account, 2/10,n/30, FOB shipping point. The cost of merchandise sold was $35,000. Dec 24 Sold 250 shares of treasury stock for $20 per share. Dec 31 Paid balance owed to XYZ Company for purchases on Dec 5 . At the end of December, the following adjustment data were assembled. After a physical count of inventory, it was determined that $148,500 of inventory exists at December 31. Based on an analysis of A/R,ABC Company anticipates 3% of A/R to be uncollectible. Buildings are depreciated using the straight line method with no salvage value for 30 years. Round to the nearest dollar. Store Fixtures are depreciated using the straight-line method with no salvage value for 5 years. Round to the nearest dollar. ABC Corporation is a retail company that begins operations on December 1,20xx, which is incorporated in the state of NC. The ABC Corporation is authorized to issue 100,000 shares of $5 par common stock. The company uses a perpetual inventory system. The following is a chart of accounts for ABC Corporation. As a new business, all beginning balances are $0. 3 new business, all beginning balances are $0. 210 Accounts Payable 113 Accounts Receivable 8131 Accumulated Depreciation-Building 9. 141 Accumulated Depreciation - Store Fixtures 10520 Advertising Expense 11114 Allowance for Doubtful Accounts 12531 Bad Debt Expense 13130 Building 14.110 Cash \begin{tabular}{l|l|l} 15 & 330 & Cash Dividends \\ \hline 16 & 230 & Cash Dividends Payable \end{tabular} 17310 Common Stock, \$5 Par Value 18510 Cost of Merchandise Sold 19522 Depreciation Expense-Building 20525 Depreciation Expense - Store Fixtures 21120 Land 22115 Merchandise Inventory 23312 Paid-in Capital - Treasury Stock 24311 Paid-in Capital in Excess of Par-Common Stock 25320 Retained Earnings 26410 Sales 27140 Store Fixtures 28340 Treasury Stock 29530 Utilities Expense Name FABCC Corporation General Journal GENERAL JOURNAL Directions Chart of Accounts Journal-December Unadjusted Ready 61F Partly sunny ABC Corporation Statement of Retained Earnings For the month ended December 31, 20xx