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Prepare the Journal Entries, $T$ accounts, and Trial Balance as of $12-31-11.$

$1-31-11$ Mr$.$ Jones made an investment of $$150,000$ in ABC Company.

$5-31-11$ ABC Company bought a tractor for $$80,000.$ They made a $$20,000$ down payment of

it in cash and are financing the rest.

$6-30-11$ ABC Company paid an electric bill for $$850.$

$08-31-11$ ABC Company performed landscaping services in the amount of $$90,000$ but was

only paid $$30,000.$ The rest will be paid next year.

$09-10-11$ ABC Company was paid $$50,000$ for work they will do later.

$11-15-11$ ABC Company paid rent for November $2011,$ December $2011,$ January $2012,$ and

February $2012$ in the amount of $$1500$ per month.

$12-31-11$ ABC Company performed half the work they were paid for on $9-10-11.$

$12-31-11$ ABC Company made a payment of $$1,000$ on the tractor they purchased on $5-31-$

$11.$

$12-31-11$ ABC Company received a payment of $$25,000$ for work they will not do until

March $2012.$

Adjusting Entries

ABC Company bought a Crane on $7-1-18$ for $$160,000.$ The Crane has a residual value of

$$40,000$ and a useful life of $3$ years. What is the journal entry for $7-1-18$ and the

adjusting entry on $12-31-18?$ ABC made a $$40,000$ down payment on the Crane when it

was purchased. They are financing the rest.

ABC Company had a beginning inventory of office supplies of $$25,000$ on $1-1-18.$ They

purchased another $$80,000$ in office supplies during $2018.$ As of $12-31-18,$ ABC Company

has a $$40,000$ balance in office supplies. What is the adjusting entry on $12-31-18?$

ABC Company pays rent for July $2017$ to March $2018$ on July ${15}^{th},2017.$ What is the

journal entry on $7-15-17$ and the adjusting entry on $12-31-17?$ Rent is $$1,000$ per month.

ABC receives a payment of $$20,000$ on August ${15}^{th}$ for work they will do later. As of

December ${31}^{st},$ABC has performed $25\%$ of the work. What is the journal entry and the

adjusting entry on $12-31-17?$

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