ABC Inc. established its operation at January 1st,2023. A) Enter all necessery Journal...

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Accounting

ABC Inc. established its operation at January 1st,2023.
A) Enter all necessery Journal Entries that occured during the year.
B) Then prepare the adjusting entries, closing entries, financials, worksheet. Complete T accounts.
1) In January, Initial stock issuance: $540,000
2) In January, purchased Equipment $ 67000,10 years life, $7000 residual value $67,000 $7,000
3) Paid for the year total utility bills: $3,200
4) In January, paid in advance rent for the two years: $8,000
5) In February, received prepayment from a customer for service to be provided: $35,000
6) As of Dec. 31st. unearned revenue balance is: $5,000
7) In December, Dividend declared: $7,500
During the Year JE's
Account Name Debit Credit
Adjusting Entries Dec. 31st 20XX
Closing Entries
ABC Inc. ABC Inc.
Income Statement Statement of Retained Earnings
ABC Inc. ABC Inc.
Balance Sheet Post Closing Trial Balance Balance

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