HELP ME PLEASE
The following transactions and
events have occurred during March 2022 in ABC Company
1 The company issued shares in exchange for $400,000 cash.
2 Borrowed $150,000 from a Local Bank payable in 1 year. (Interest is = 12% annually)
Purchased a machine for $100,000, paying $50,000 cash, and the rest will be paid later.
3 (Depreciates at a rate of $10,000 per month.)
4 Billed customers $80,000 for services performed.
5 Purchased in cash $4,500 of supplies. (Only $500 remained by the end of the month)
Received $4,800 cash in advance from customers for services to be performed in three
6 months.
7 Paid Dividends of $4,000 in cash.
Required:
1. Analyze each of the transactions in terms of its effect on the accounting equation elements. 2. Prepare the necessary journal entries for the month and post to the Ledger.
3. Prepare the Trial Balance.
4. Prepare and post the necessary adjusting entries.
5. Prepare the Adjusted Trial Balance.
6. Prepare the Income statement, Retaining Earnings statement, and Statement of financial Position.
7. Prepare and post the closing entries.
8. Prepare the Post-Closing Trial Balance.