The company issued more stock at $$10$ per share for $500$ shares of stock on June $30,202.$ Next

the company borrowed $$40,000$ from your Aunt Tanya. For the $$40,000$ borrowed from your

aunt, the company agrees to pay back that amount on December $31,207$ and to pay interest at

$10\%$ at the end of each year. On January $1,20x2,$ the company bought $6$ wonkies for $$3,000$

each. During the year, it sold $4$ wonkies for $$8,000$ each. The company also paid a security

deposit of $$1,000,$ advertising expense of $$900,$ and $12$ months of rent, $$12,000.$ Wonkies, Inc.

bought a delivery van on December ${31}^{st}$ that cost $$20,000,$ putting $$5,000$ down on the van and

agreeing to pay the balance next year. The company paid last years taxes. On December $31$ th

company paid the first year's interest to Aunt Tanya of $$4,000.$ The tax rate is $30\%$ of income

before taxes and the taxes will be paid in $20$X$3.$

Prepare Journal Entries, T accounts, an Income Statement, a Balance Sheet, and a Statement

Owners' Equity.

ACCT$1010$ MAP FALL $2024$