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Please help with creating trial balances and ending balances. Assume that these are all transactions ABC Corp. Balance Sheet A s of December 31, 200

Please help with creating trial balances and ending balances. Assume that these are all transactions

ABC Corp.

Balance Sheet

As of December 31, 2006

Assets

Liability

Cash

$6,000

Accounts Payable

$3,000

Accounts Receivable

$4,000

Stockholders' Equity

Common Stock

$3,000

Additional Paid-in Capital

$2,000

Retained Earnings

$2,000

Total Liability and Stockholders' Equity

Total Assets

$10,000

$10,000

Below is a summary of events experienced by ABC Corp. during 2007

  1. On Jan 1st, 2007, ABC Corp. purchased equipments for $800. The equipment has a useful life of four years and ABC Corp. use straight-line depreciation.
  2. On April 1st, 2007, ABC purchased a one-year insurance policy for $1200. The policy is effective immediately.
  3. ABC Corp. declared and paid cash dividends of $1,000.

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