I need help with this whole thing...

1 PREPARING FINANCIAL STATEMENTS FOR THE MONTH OF JANUARY 3 ASSUME ALL OF THE BUSINESS TRANSACTONS OCCURRED IN 4 IN JANUARY, 2019 6 CREATE JOURNAL ENTRIES FOR THE FOLLOWING 7 BUSINESS TRANSACTIONS 9 BE SURE TO NUMBER AND DATE THE ENTRIES 11 1) CORPORATION RECEIVED CASH AND ISSUED COMMON STOCK IN THE 12 AMOUNT OF $500,000 14 2) CASH IN THE AMOUNT OF $40,000 WAS RECEIVED FOR SERVICES 15 THAT WILL BE PERFORMED IN FEBRUARY 17 3) RECORD ONE MONTH REVENUE EARNED FOR SERVICES 18 DEFERRED NAN EARLER VONTH 19 SEE EXISTING BALANCE IN THE T ACCOUNT 21 4) SOLD WIDGETS ON ACCOUNT IN THE AMOUNT OF 22 $220,000. THE COST WAS 50% 24 S) SOLD WIDGETS FOR CASH IN THE AMOUNT OF $100,000 25 THE COST WAS 50%. 26 27 6) PAID FEBRUARY RENT OF $5,000 IN JANUARY 29 7) PAID JANUARY RENT OF $5,000 31 3) PAID CASH OF $10,000 FOR UTILITY EXPENSE. 339) PAID CASH OF $50,000 FOR SALARY EXPENSE 34 339) PAID CASH OF $50,000 FOR SALARY EXPENSE 35 10) AT JANUARY 31 EMPLOYEES EARNED $20,000 THAT 36 WILL NOT BE PAID UNTIL THE FEBRUARY 1 PAYROLL 38 11) THE DEPRECIATON EXPENSE NEEDS TO BE RECORDED 39 FOR THE $200,000 EQUIPMENT - ASSUME A FIVE 40 YEAR LIFE (ONLY ONE MONTH DEPRECIATION 41 ASSUME THE EQUIPMENT PURCHASE IN JANUARY 42 WAS MADE AT MONTH END-SO NOT DEEPREIATED) 44 12) RECEIVED A $S75,000 PAYMENT ON ACCOUNT 45 13) RECORD INSURANCE EXPENSE FOR THE MONTH OF 47 JANUARY (SEE THE T ACCOUNT FOR THE EXISTING 48 BALANCE OF PREPAID EXPENSE) SO 14) RECORD ONE MONTH INTEREST EXPENSE ON THE 51 NOTES PAYABLE (HINT BOTH CURRENT AND LONG TERM) 52 THE INTEREST RATE IS 10% 54 15) PURCHASED $500,000 OF INVENTORY ON ACCOUNT 56 16) PAID CASH OF $350,000 TO VENDORS FOR INVENTORY 57 PREVIOUSLY PURCHASED ON ACCOUNT 59 17) RECORD INTEREST EARNED ON NOTE RECEIVABLE 60 FOR THE MONTH OF JANUARY, RATE S 86 61 SEE EXISTING T ACCOUNT BALANCE) 63 18) RECORD DIVIDENDS PAID IN THE AMOUNT OF $3,000 65 19) RECORD THE PURCHASE OF EQUIPMENT FOR $500,000 66 BY SIGNING A NOTE 67 ASSUME PURCHASE JAN 31 NO DEPRECIATION OR INTEREST NECESSARY FOR THE MONTH) Unearned Revenue Debit Credit $ 24,000.00 Note Payable-Long Term Debit Credit $ 150,000.00 Common Stock Debit Credit $ 2,450,000.00 Retained Earnings Debit Credit $ 756,000.00 BBL BB $ 24,000.00 EB $ 150,000.00 $ 2,450,000.00 $ 756,000.00 Widget Sales Debit SERVICE REVENUE Debit Credit COST OF GOODS SOLD Debit Credit Utility Expense Debit Credit Rent Expense Debit Credit Credit Page Page 4 Pogo-6- S EB Interest Expense Credit / Insurance Expense Debit Credit Depreciation Expense Debit Credit SALARY EXPENSE Debit Credit interest RETENUE Debit Credit EBS - EBS EB ABC COMPANY TRIAL BALANCE JANUARY 31, 2019 5 CASH Page 1 TRADING SECURITIES ACCOUNTS RECEIVABLE 8 ALLOWANCE FOR DOUBTFUL 9 INVENTORY 10 NOTES RECEIVABLE 11 PREPAID ASSETS 12 INTEREST RECEIVABLE 12 LAND EQUIPMENT ALLOWANCE FOR DEPRECIATION 16 ACCOUNTS PAYABLE 17 SALARY PAYABLE 18 CURRENT PORTION NP 19 INTEREST PAYABLE 20 JUNEARNED REVENUE 21 NOTE PAYABLE LT 22 COMMON STOCK RETAINED EARNINGS IWIDGET SALES SERVICE REVENUE 26 COST OF SALES SALARY EXPENSE IUTILITIES EXPENSE 29 RENT EXPENSE INTEREST EXPENSE INSURANCE EXENSE 32 DEPRECIATION INTEREST INCOME 33 11 Debit ES S 3,200.00 Page Page 3 West Recable Equipment PREPAID EXPENSES Credit 22,000.00 200,000.00 $ 100,000.00 200,000.00 200,000.00 I$ 22,000.00 EB $ 100,000.00 700,000.00 Pere Nos Para Debit $750,000.00 ABC Company Income Statement For the Month Ended January 31, 2019 Widget Sales Less Cost of Goods Sold Service Revenue Gross Margin Less Expenses: Salary Expense Utilities Expense Rent Expense Insurance Expense Depreciation Expense Page 2 Operating income Other Income/Loss: Interest Income Interest Expense I Net Income Statement of Retained Earnings For the Month Ended January 31, 2019 67 Beginning Retained Earnings 68 Plus Net Income Sub Total 70 Less Dividends Paid 72 ENDING RETAINED EARNINGS S ABC Company Balance Sheet As Of January 31, 2019 Page 3 ASSETS Cash 79 Trading Securities Accounts Receivable Allowance for Uncollectible Accounts Inventory Note Receivable Prepaid Assets Interest Receivable Total Current Assets 88 Long Term Assets: 29 Land 90 Equipment 9. Less Accumulated Depreciation Total Long Term Assets S . 94 TOTAL ASSETS LIABILITIES & STOCKHOLDERS EQUITY 97 Accounts Payable 98 Salaries Payable -- 99 Current Portion of Notes Payable 100 Interest Pavable 10. Unearned Revenue 102 Total Current Liabilities 104 Note Payable, Long Term Portion 106 TOTAL LIABILITIES Page 4 108 STOCKHOLDERS EQUITY 109 Common Stock 110 Retained Earnings 111 TOTAL STOCKHOLDERS EQUITY 113 TOTAL LIABILITIES & STOCKHOLDERS EQUITY S ABC Company STATEMENT OF CASH FLOWS 117 FOR THE MONTH ENDED JANUARY 31, 2019 $ - 119 Net Income 120 Plus Depreciation 121 Adjustments to reconcile income to cash 122 Cash from operating Activities $ 218,166.67 124 Purchased equipment 125 Cash from investing Activities cavite Page 5 127 Issued Common Stock 128 Paid Dividends 129 Cash from Investing Activities S 13.NET CHANGE IN CASH 133 BEGINNING CASH 12 ENDING CASH THE CORPORATION IS ABC COMPANY 4 THE PROJECT COVERS THE PROCESS FROM THE OCCURRENCE OF A BUSINESS TRANSACTION THROUGH THE PREPARATION JOF THE FOUR FINANCIAL STATEMENTS 7 STEP ONE: RECORD THE BUSINESS TRANSACTIONS (PREPARE THE JOURNAL ENTRIES JBE SURE TO USE PROPER JOURNAL ENTRY FORM 11 YOU WILL NEED A SEPARATE SHEET OF PAPER) FOR EXAMPE 1/31/2019 DEBIT CREDIT 100,000 COMMON STOCK $ 100,000 (ISSUED COMMON STOCK FOR CASH 22 MAKE SURE YOU NUMBER AND DATE THE JOURNAL ENTRIES Da 24 DO NOT POST ACTIVITIES DIRECTLY TO THE "TACCOUNTS 25 (YOU POST TO THE T ACCOUNTS FROM THE PREPARED JOURNAL ENTRIES) 27 STEP TWO: 28 POST THE JOURNAL ENTRIES TO THE GENERAL LEDGER ACCOUNTS 29 THE T ACCOUNTS) 31 THERE ARE EXISTING BALANCES IN THE T ACCOUNTS - YOU 32 WILL NEED TO REFER TO THE BEGINNING BALANCES FOR SOME OF THE 33 JOURNAL ENTRIES YOUR ENTRIES WILL BE ADDED TO THE BEGINNING BALANCES 37 HINT MAKE CHECK MARKS AS YOU POST THE AMOUNTS-IT 38 WILL HELP YOU GET INTERRUPTED STEP THREE: 4. ONCE YOU HAVE POSTED ALL OF THE JOURNAL ENTRIES TO THE TACCOUNTS 42 CALULATE THE ENDING BALANCES 44 STEP FOUR: 45 EXIB HEADINSOUL BALANSR LIMEIRA SANCE 46 TEMPLATE 48 JBE SURE THE DEBITS AND CREDITS ARE EQUAL SO STEP FIVE: DOAA S FROM THE TRIAL BALANCE CREATE THE FOUSE SICE STATEMENTS 53 TEMPLATES ARE PROVIDED SS NOTE. YOU MUST USE THE ENDING RETAINED EARNINGS FOR THE RELANCE SHEET 1 PREPARING FINANCIAL STATEMENTS FOR THE MONTH OF JANUARY 3 ASSUME ALL OF THE BUSINESS TRANSACTONS OCCURRED IN 4 IN JANUARY, 2019 6 CREATE JOURNAL ENTRIES FOR THE FOLLOWING 7 BUSINESS TRANSACTIONS 9 BE SURE TO NUMBER AND DATE THE ENTRIES 11 1) CORPORATION RECEIVED CASH AND ISSUED COMMON STOCK IN THE 12 AMOUNT OF $500,000 14 2) CASH IN THE AMOUNT OF $40,000 WAS RECEIVED FOR SERVICES 15 THAT WILL BE PERFORMED IN FEBRUARY 17 3) RECORD ONE MONTH REVENUE EARNED FOR SERVICES 18 DEFERRED NAN EARLER VONTH 19 SEE EXISTING BALANCE IN THE T ACCOUNT 21 4) SOLD WIDGETS ON ACCOUNT IN THE AMOUNT OF 22 $220,000. THE COST WAS 50% 24 S) SOLD WIDGETS FOR CASH IN THE AMOUNT OF $100,000 25 THE COST WAS 50%. 26 27 6) PAID FEBRUARY RENT OF $5,000 IN JANUARY 29 7) PAID JANUARY RENT OF $5,000 31 3) PAID CASH OF $10,000 FOR UTILITY EXPENSE. 339) PAID CASH OF $50,000 FOR SALARY EXPENSE 34 339) PAID CASH OF $50,000 FOR SALARY EXPENSE 35 10) AT JANUARY 31 EMPLOYEES EARNED $20,000 THAT 36 WILL NOT BE PAID UNTIL THE FEBRUARY 1 PAYROLL 38 11) THE DEPRECIATON EXPENSE NEEDS TO BE RECORDED 39 FOR THE $200,000 EQUIPMENT - ASSUME A FIVE 40 YEAR LIFE (ONLY ONE MONTH DEPRECIATION 41 ASSUME THE EQUIPMENT PURCHASE IN JANUARY 42 WAS MADE AT MONTH END-SO NOT DEEPREIATED) 44 12) RECEIVED A $S75,000 PAYMENT ON ACCOUNT 45 13) RECORD INSURANCE EXPENSE FOR THE MONTH OF 47 JANUARY (SEE THE T ACCOUNT FOR THE EXISTING 48 BALANCE OF PREPAID EXPENSE) SO 14) RECORD ONE MONTH INTEREST EXPENSE ON THE 51 NOTES PAYABLE (HINT BOTH CURRENT AND LONG TERM) 52 THE INTEREST RATE IS 10% 54 15) PURCHASED $500,000 OF INVENTORY ON ACCOUNT 56 16) PAID CASH OF $350,000 TO VENDORS FOR INVENTORY 57 PREVIOUSLY PURCHASED ON ACCOUNT 59 17) RECORD INTEREST EARNED ON NOTE RECEIVABLE 60 FOR THE MONTH OF JANUARY, RATE S 86 61 SEE EXISTING T ACCOUNT BALANCE) 63 18) RECORD DIVIDENDS PAID IN THE AMOUNT OF $3,000 65 19) RECORD THE PURCHASE OF EQUIPMENT FOR $500,000 66 BY SIGNING A NOTE 67 ASSUME PURCHASE JAN 31 NO DEPRECIATION OR INTEREST NECESSARY FOR THE MONTH) Unearned Revenue Debit Credit $ 24,000.00 Note Payable-Long Term Debit Credit $ 150,000.00 Common Stock Debit Credit $ 2,450,000.00 Retained Earnings Debit Credit $ 756,000.00 BBL BB $ 24,000.00 EB $ 150,000.00 $ 2,450,000.00 $ 756,000.00 Widget Sales Debit SERVICE REVENUE Debit Credit COST OF GOODS SOLD Debit Credit Utility Expense Debit Credit Rent Expense Debit Credit Credit Page Page 4 Pogo-6- S EB Interest Expense Credit / Insurance Expense Debit Credit Depreciation Expense Debit Credit SALARY EXPENSE Debit Credit interest RETENUE Debit Credit EBS - EBS EB ABC COMPANY TRIAL BALANCE JANUARY 31, 2019 5 CASH Page 1 TRADING SECURITIES ACCOUNTS RECEIVABLE 8 ALLOWANCE FOR DOUBTFUL 9 INVENTORY 10 NOTES RECEIVABLE 11 PREPAID ASSETS 12 INTEREST RECEIVABLE 12 LAND EQUIPMENT ALLOWANCE FOR DEPRECIATION 16 ACCOUNTS PAYABLE 17 SALARY PAYABLE 18 CURRENT PORTION NP 19 INTEREST PAYABLE 20 JUNEARNED REVENUE 21 NOTE PAYABLE LT 22 COMMON STOCK RETAINED EARNINGS IWIDGET SALES SERVICE REVENUE 26 COST OF SALES SALARY EXPENSE IUTILITIES EXPENSE 29 RENT EXPENSE INTEREST EXPENSE INSURANCE EXENSE 32 DEPRECIATION INTEREST INCOME 33 11 Debit ES S 3,200.00 Page Page 3 West Recable Equipment PREPAID EXPENSES Credit 22,000.00 200,000.00 $ 100,000.00 200,000.00 200,000.00 I$ 22,000.00 EB $ 100,000.00 700,000.00 Pere Nos Para Debit $750,000.00 ABC Company Income Statement For the Month Ended January 31, 2019 Widget Sales Less Cost of Goods Sold Service Revenue Gross Margin Less Expenses: Salary Expense Utilities Expense Rent Expense Insurance Expense Depreciation Expense Page 2 Operating income Other Income/Loss: Interest Income Interest Expense I Net Income Statement of Retained Earnings For the Month Ended January 31, 2019 67 Beginning Retained Earnings 68 Plus Net Income Sub Total 70 Less Dividends Paid 72 ENDING RETAINED EARNINGS S ABC Company Balance Sheet As Of January 31, 2019 Page 3 ASSETS Cash 79 Trading Securities Accounts Receivable Allowance for Uncollectible Accounts Inventory Note Receivable Prepaid Assets Interest Receivable Total Current Assets 88 Long Term Assets: 29 Land 90 Equipment 9. Less Accumulated Depreciation Total Long Term Assets S . 94 TOTAL ASSETS LIABILITIES & STOCKHOLDERS EQUITY 97 Accounts Payable 98 Salaries Payable -- 99 Current Portion of Notes Payable 100 Interest Pavable 10. Unearned Revenue 102 Total Current Liabilities 104 Note Payable, Long Term Portion 106 TOTAL LIABILITIES Page 4 108 STOCKHOLDERS EQUITY 109 Common Stock 110 Retained Earnings 111 TOTAL STOCKHOLDERS EQUITY 113 TOTAL LIABILITIES & STOCKHOLDERS EQUITY S ABC Company STATEMENT OF CASH FLOWS 117 FOR THE MONTH ENDED JANUARY 31, 2019 $ - 119 Net Income 120 Plus Depreciation 121 Adjustments to reconcile income to cash 122 Cash from operating Activities $ 218,166.67 124 Purchased equipment 125 Cash from investing Activities cavite Page 5 127 Issued Common Stock 128 Paid Dividends 129 Cash from Investing Activities S 13.NET CHANGE IN CASH 133 BEGINNING CASH 12 ENDING CASH THE CORPORATION IS ABC COMPANY 4 THE PROJECT COVERS THE PROCESS FROM THE OCCURRENCE OF A BUSINESS TRANSACTION THROUGH THE PREPARATION JOF THE FOUR FINANCIAL STATEMENTS 7 STEP ONE: RECORD THE BUSINESS TRANSACTIONS (PREPARE THE JOURNAL ENTRIES JBE SURE TO USE PROPER JOURNAL ENTRY FORM 11 YOU WILL NEED A SEPARATE SHEET OF PAPER) FOR EXAMPE 1/31/2019 DEBIT CREDIT 100,000 COMMON STOCK $ 100,000 (ISSUED COMMON STOCK FOR CASH 22 MAKE SURE YOU NUMBER AND DATE THE JOURNAL ENTRIES Da 24 DO NOT POST ACTIVITIES DIRECTLY TO THE "TACCOUNTS 25 (YOU POST TO THE T ACCOUNTS FROM THE PREPARED JOURNAL ENTRIES) 27 STEP TWO: 28 POST THE JOURNAL ENTRIES TO THE GENERAL LEDGER ACCOUNTS 29 THE T ACCOUNTS) 31 THERE ARE EXISTING BALANCES IN THE T ACCOUNTS - YOU 32 WILL NEED TO REFER TO THE BEGINNING BALANCES FOR SOME OF THE 33 JOURNAL ENTRIES YOUR ENTRIES WILL BE ADDED TO THE BEGINNING BALANCES 37 HINT MAKE CHECK MARKS AS YOU POST THE AMOUNTS-IT 38 WILL HELP YOU GET INTERRUPTED STEP THREE: 4. ONCE YOU HAVE POSTED ALL OF THE JOURNAL ENTRIES TO THE TACCOUNTS 42 CALULATE THE ENDING BALANCES 44 STEP FOUR: 45 EXIB HEADINSOUL BALANSR LIMEIRA SANCE 46 TEMPLATE 48 JBE SURE THE DEBITS AND CREDITS ARE EQUAL SO STEP FIVE: DOAA S FROM THE TRIAL BALANCE CREATE THE FOUSE SICE STATEMENTS 53 TEMPLATES ARE PROVIDED SS NOTE. YOU MUST USE THE ENDING RETAINED EARNINGS FOR THE RELANCE SHEET