60.1K

Verified Solution

Link Copied!

make balance sheet and income statement

Ques: Record the transactions and prepare the financial statements for ABC. Co for the fiscal year ended on December 31, 2019. Dec 1: Invested $78000 in cash and office equipment that had face value of $51000 in the business. 2: Purchased office equipment $25000 and office supplies for $16000 on credit from the same supplier. 4: Paid the $1125 salary of the receptionist 5: Paid the utility bill with $930 cash. 6: Performed security services for a sold-out concert and received $12000 cash from the client 7: Completed security services for a graduation event and sent the bill for $3500 to them. 8: Paid $15000 in cash regarding the outstanding accounts payable Dec 2 9: Paid advertising expense $1050, travel Expense $550, Insurance Expense $680 all in cash from the month of December. 10: Received $1600 from the client billed on Dec 7. 11: Received the telephone bill today: $2600 but will be paid on Jan15. 12: Signed for the security services contract to start in Feb 1 13: Purchased Office supplies $5000 on credit. 14: Received $9200 in photography Revenue. 15: Purchased furniture $1500 on Dec 15 but cheques were sent to the supplier after 2 days merely on Dec 17. 18: Office supplies were used worth $570. 26: Certain gifts were purchased $2500 for the employees on Christmas and company considered them under Miscellaneous Expense Required: a. Journal, Ledger, Trial Balance b. Income statement, statement of changes in Equity, Balance sheet on Dec 31,2019for Abc Inc

Answer & Explanation Solved by verified expert

See Answer