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During January, the second month of operations, the following transactions were completed by ABC Corporation: ABC Corporation issues a $1,000,000,6%, five-year bond that pays semiannual interest of $30,000($1,000,0006%1/2), receiving cash of Jan 1$936,420. Journalize the entry to record the issuance of the bonds. ABC Corporation purchased $800,000 of Ridge County, 7.5% bonds at their Jan 1 face amount. The bonds pay interest monthly on the last day of the month. ABC sold $60,000 of merchandise on account to Best Company, 2/10,n/30, FOB shipping point. The cost of merchandise sold was $20,000. ABC uses the net method to account for sales. 9 10 Jan3 Purchased merchandise inventory from Grace Company for $105,000, terms 11 Jan 6 n/eom, FOB destination. 12 13 Jan 8 Paid adverting costs of $2,000 to promote new business. 14 ABC Corporation purchased a delivery truck by issuing a 30 -day, 6% note with 15 Jan 10 a face amount of $60,000. 16 17 Jan 13ABC receives payment from Best Company within the discount period. 18 ABC sold $55,000 of merchandise on account to Great Company, nleom, Directions - Janauary Chart of Accounts Journal-January |UTB-January | ATB-January ABC sold $55,000 of merchandise on account to Great Company, n/eom, FOB shipping point. The cost of merchandise sold was $15,000. ABC uses 19 Jan 16 the net method to account for sales. 21 Jan 20 Paid $1200 for utilities. ABC Corporation received $50,000 on the Jan 16 sale. The remaining $5,000 30 The amount of cash in the the petty cash fund is $13. Issued a check to replenish the fund to its original $100 based on the following petty cash 31 Jan 31 receipts: Office Supplies $32 and Misc items, $55. 35 after a physical count of inventory, it was determined that $238,700 of \begin{tabular}{l|l} 35 & a \\ 36 & inventory exists at January 31. \end{tabular} 37bBasedonananalysisofA/R,ABCCompanyanticipates4%ofA/Rtobeuncollectible. 38 buncollectible. Buildings were purchased on Dec 1 of the prior year and are depreciated using \begin{tabular}{|l|l|l|l|} Directions - Janauary Chart of Accounts & Journal-January & UTB-January \end{tabular} Based on an analysis of A/R, ABC Company anticipates 4% of A/R to be uncollectible. Buildings were purchased on Dec 1 of the prior year and are depreciated using the straight line method with no salvage value for 30 years. Round to the nearest dollar. ABC Corporation uses the mid-month convention for to calculate depreciation on all fixed assets (round to the nearest month). Store Fixtures were purchased on Dec 1 of the prior year and are depreciated using the straight-line method with no salvage value for 5 years. Round to the nearest dollar. ABC Corporation uses the mid-month convention for to calculate depreciation on all fixed assets (round to the nearest month). Delivery Truck is depreciated using the straight-line method with no salvage value. The estimated life of the truck is 6 years. Round to the nearest dollar. ABC Corporation uses the mid-month convention for to calculate depreciation on all fixed assets (round to the nearest month). Amortize the discount on bond payable using the straight-line method. Journalize accrued interest on note payable at the end of January. Counted office supplies and supplies on hand is $350. A fxABC sold $60,000 of merchandise on account to Best value. The estimateatire ot the truck is o years. Round to the nearest aorrar. ABC Corporation uses the mid-month convention for to calculate depreciation on all fixed assets (round to the nearest month). Amortize the discount on bond payable using the straight-line method. Journalize accrued interest on note payable at the end of January. Counted office supplies and supplies on hand is $350. Directions: 1 Journalize the routine transactions above on the Journal-January tab. Use the Unadjusted Trial Balance and adjusting information provided above to journalize the 8 adjusting entries on the Journal - January tab (below the routine entries). ABC Corporation for the month of January. You are only responsible for preparing the Income Statement, Statement of Retained Earnings, and classified Balance Sheet. These should be completed on the Financial 3 Statements tab. You should complete your final project in this Excel workbook using the following tabs: Journal-January and Financial Statements. You may use another spreadsheet program as long as Excel can open the file. ABC Corporation is a retail company that began operations in the prior year. It is incorporated in the state of NC. The ABC Corporation is authorized to issue 100,000 shares of $1 par common stock. The company uses a perpetual inventory system. The following is a chart of accounts for ABC Corporation with prior year balances ending balances (which are also this period's beginning balances). ABC Corporation uses the allowance method for uncollectible receivables. \begin{tabular}{|r|l|r|r|} \hline 160 & Investment in Ridge County Bonds & \\ \hline 210 & Accounts Payable & 110,000 \\ \hline 230 & Cash Dividends Payable & \\ \hline 235 & Notes Payable & \\ \hline 238 & Interest Payable & \\ \hline 240 & Bond Payable & \\ \hline 245 & Discount on Bond Payable & 25,000 \\ \hline 310 & Common Stock, \$1 Par Value & 475,000 \\ \hline 311 & Paid-in Capital in Excess of Par-Common Stock & 1,500 \\ \hline 312 & Paid-in Capital - Treasury Stock & 18,912 \\ \hline 29 & 320 & Retained Earnings & 3,000 \\ \hline 30 & 330 & Treasury Stock (200sh @ \$15) & \\ \hline 31 & 340 & Cash Dividends & \\ \hline 32 & 410 & Sales & \\ \hline 33 & 510 & Cost of Merchandise Sold & \\ \hline 34 & 520 & Advertising Expense & \\ \hline 35 & 521 & Office Supplies Expense & \\ \hline 36 & 522 & Depreciation Expense - Building & \\ \hline 37 & 525 & Depreciation Expense - Store Fixtures & \\ \hline 38 & 526 & Depreciation Expense - Delivery Truck & \\ \hline 39 & 530 & Utilities Expense & \\ \hline 40 & 535 & Bad Debt Expense & \\ \hline 41 & 540 & Office Supplies Expense & \\ \hline 42 & 550 & Misc Expense & \\ \hline 43 & 555 & Interest Expense & \\ \hline & & Directions - Janauary & \\ \hline \end{tabular} \begin{tabular}{|rlr|} \hline A & \multicolumn{1}{|c|}{ B } & C \\ \hline 230 & Cash Dividends Payable & \\ \hline 235 & Notes Payable & \\ \hline 238 & Interest Payable & \\ \hline 240 & Bond Payable & \\ \hline 245 & Discount on Bond Payable & 25,000 \\ \hline 310 & Common Stock, \$1 Par Value & 475,000 \\ \hline 311 & Paid-in Capital in Excess of Par - Common Stock & 1,500 \\ \hline 312 & Paid-in Capital - Treasury Stock & 18,912 \\ \hline 320 & Retained Earnings & 3,000 \\ \hline 330 & Treasury Stock (200 sh @ $15) & \\ \hline 340 & Cash Dividends & \\ \hline 410 & Sales & \\ \hline 510 & Cost of Merchandise Sold & \\ \hline 520 & Advertising Expense & \\ \hline 521 & Office Supplies Expense & \\ \hline 522 & Depreciation Expense - Building & \\ \hline 525 & Depreciation Expense - Store Fixtures \\ \hline 526 & Depreciation Expense - Delivery Truck \\ \hline 530 & Utilities Expense & \\ \hline 535 & Bad Debt Expense & \\ \hline 540 & Office Supplies Expense & \\ \hline 550 & Misc Expense & \\ \hline 555 & Interest Expense \\ \hline 560 & Interest Revenue & \end{tabular} General Journal ABC Corporation Balance Sheet January 31, 20xx