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HELP ABC Co. had the following transactions during January: Individual deposited $100,000 into ABC Co.'s bank account in exchange for common stock Co. pays $12,000

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ABC Co. had the following transactions during January:

  1. Individual deposited $100,000 into ABC Co.'s bank account in exchange for common stock

  2. Co. pays $12,000 in advance for a 6 month insurance policy

  3. Company had sales of $25,000 with 80% received in cash and the remaining 20% on account

  4. Co. signs a 5 month contract to build a new parking garage on campus; total of $100K cash payments will be paid equally and will be made monthly starting next month

  5. Co. received cash sales of $5,000 from customers for services to be provided in the future

  6. Co. received cash sales of $2,500 from customers for services provided

  7. Co. paid dividends of $5,000

  8. Co. provided services to customers for $1,000 on account

  9. during the month Co. paid expenses of $15,000

  10. Co. decides to bring in a new shareholder; The new shareholder buys $25,000 of common stock of ABC Co.

  11. received cash from the customer you previously billed in transaction c

  12. Company received cash of $20,000 for services to be provided later

  13. Co. received a bill from CPS for utilities used earlier in the month; the bill is for $500 and must be paid in 2 weeks

  14. Co. pays additional dividends of $2,000

  15. Co. loans $20,000 to a related company and the funds have been wired to them; the related company agreed to the note and to make monthy loan payments to the Co. over 5 years

  1. a1 record 1 month adjustment to any prepaids

  2. a2 receive first month payment for 5 month construction construciotn

  3. a3 company provides services in transaction l

  4. a4 company paid bill to CPS in transaction m

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