Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare the three basic financial statements in proper format at and for the month ended Dec 31 2019 ABC Services, Inc. is the company you

Prepare the three basic financial statements in proper format at and for the month ended Dec 31 2019 image text in transcribed
ABC Services, Inc. is the company you started on December 1, 2019. The following transactions. A of December 2019 nd during the mont 1 The business, was started with a $10,000 capital investment from the owner and sole shareholder on December 1 2019. Additional business inding of $10,000 was obtained from a bank loads the same day. (70 or NeE) 2. Rent of $6,000 for the first 3 months was required which included rent of $2,000 for the month of December 2019. A check of $6,000 was paid on December 2". 3. Equipment.for $5,000 was purchased on account on December 5th. 4. Services were performed on December 10" for $10,000 and invoiced to the client on the same day. 5. Supplies of $1,000 were purchased on account on December 15. 6. Salary for the office assistant of $2,500 was paid on December 15". The office assistant earns a salary of $5,000/month. The next payroll date is January 27 2020 7. A client paid you $2,500 on December 20 for your services to be performed in 2020, 8. An insurance policy payment of $2,400 was made on December 30" for a policy period December 1, 2019 to December 2020

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Money For Ministerial Leadership Key Practical And Theological Insights

Authors: Nimi Wariboko

1st Edition

1625640129, 9781625640123

More Books

Students also viewed these Accounting questions

Question

Why should goals be specific and measurable?

Answered: 1 week ago

Question

How has the competition changed within the last three years?

Answered: 1 week ago

Question

What lessons can be learned from such cases?

Answered: 1 week ago