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Record the following transactions for ABC, Inc., a company that offers consulting services and merchandise in the home organizing industry. There are no beginning balances. This is for the calendar year 2019. (1 point per line) 1) Acquired $30,000 cash from the issue of common stock. 2) January 1, borrowed $40,000 cash from National bank with terms of 6% interest paid at the end of each year on a 10 year loan. 3) Purchased inventory on account for $50,000 (2/10, N/30) 4) The inventory in event 3 was delivered FOB shipping point for $200 cash. 5) Sold inventory for cash $48,000 (cost of goods sold was $30,000). 6) Paid cash expenses of $5,000. 7) Purchased $800 worth of supplies for cash. 8) Paid $20,000 for inventory purchased in event 3 after the discount period. 9) Performed $2000 worth of services via credit card at a 3% fee. 10)Collected the total amount due from the credit card company 11)Purchased land and equipment for $70,000 cash. It was determined that the land value was 60% of the purchase and the equipment was 40%. 12)Earned $58,000 on account for performing services (1/10, N/30) 13) Collected balance on accounts receivable within the discount period. 14) August 1, received $24,000 cash advance for services to be performed over the next 12 months 15)Recognized portion of revenue earned for event 14. 16)Recognize depreciation on the equipment purchased in line 11 assuming the equipment will have a salvage value of $5000 after 10 years and ABC, Inc. uses the straight line method. 17)Paid $1,000 cash dividend at the end of 2018. 18)Paid interest accrued on bank note at the end of 2018. 19) Recognized an ending supplies balance of $150. 20)Determined market value of land is $75,000. 21)Physical count of inventory on hand at the end of 2018 was $20000. Prepare the closing documents. (5 points per closing document) Income Statement Net Sales Less COGS Gross Margin Less Operating Expenses Net Income Changes in Stockholders Equity Beginning Commons stock Plus Stock Issued Ending Common Stock Beginning Retained Earnings Plus Net Income Less Dividends Ending Retained Earnings Total Stockholders Equity Record the following transactions for ABC, Inc., a company that offers consulting services and merchandise in the home organizing industry. There are no beginning balances. This is for the calendar year 2019. (1 point per line) 1) Acquired $30,000 cash from the issue of common stock. 2) January 1, borrowed $40,000 cash from National bank with terms of 6% interest paid at the end of each year on a 10 year loan. 3) Purchased inventory on account for $50,000 (2/10, N/30) 4) The inventory in event 3 was delivered FOB shipping point for $200 cash. 5) Sold inventory for cash $48,000 (cost of goods sold was $30,000). 6) Paid cash expenses of $5,000. 7) Purchased $800 worth of supplies for cash. 8) Paid $20,000 for inventory purchased in event 3 after the discount period. 9) Performed $2000 worth of services via credit card at a 3% fee. 10)Collected the total amount due from the credit card company 11)Purchased land and equipment for $70,000 cash. It was determined that the land value was 60% of the purchase and the equipment was 40%. 12)Earned $58,000 on account for performing services (1/10, N/30) 13) Collected balance on accounts receivable within the discount period. 14) August 1, received $24,000 cash advance for services to be performed over the next 12 months 15)Recognized portion of revenue earned for event 14. 16)Recognize depreciation on the equipment purchased in line 11 assuming the equipment will have a salvage value of $5000 after 10 years and ABC, Inc. uses the straight line method. 17)Paid $1,000 cash dividend at the end of 2018. 18)Paid interest accrued on bank note at the end of 2018. 19) Recognized an ending supplies balance of $150. 20)Determined market value of land is $75,000. 21)Physical count of inventory on hand at the end of 2018 was $20000. Prepare the closing documents. (5 points per closing document) Income Statement Net Sales Less COGS Gross Margin Less Operating Expenses Net Income Changes in Stockholders Equity Beginning Commons stock Plus Stock Issued Ending Common Stock Beginning Retained Earnings Plus Net Income Less Dividends Ending Retained Earnings Total Stockholders Equity
