ABC Inc. established its operation at January 1st, 2014. 1) In January, Initial stock issuance: $450,000 2)
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Question:
ABC Inc. established its operation at January 1st, 2014.
1) In January, Initial stock issuance: $450,000
2) January, bought Equipment for $ 63000, 10 years life, $3000 residual value
3) November, paid total utility bills: $8,500
4) In January, paid in advance rent for two years: $12,000
5) In February, received prepayment from a customer for service to be provided: $42,000
6) Dec. 31st 2014, unearned revenue balance $2,000
7) In December, Dividend declared: $10,000
A) Enter all necessery Journal Entries that occurred during the year.
B) Then prepare T accounts.
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
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