2) ABC Co. had the following transactions during the month: shareholder deposits $200,000 into ABC Co.'s...

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2) ABC Co. had the following transactions during the month: shareholder deposits $200,000 into ABC Co.'s bank account in exchange for common stock a. b. ABC Co. sold $220,000 worth of products and services to customers on account at the beginning of the month ABC Co. paid 1 year of insurance in advance; $48,000 cash paid с. d. ABC Co. takes out a $500,000 loan from the bank ABC Co. buys a building for $500,000 e. C pg 1 MC Dg. 2 Cash Income Stmt. CASH Retained Earnings CASH Balance Sheet CASH Accrual Income St.ACORJAL Atuma War k ats Maclook Air f. ABC Co. paid cash dividends of $5,000 g. ABC Co. received $12,000 for sales for services provided h. ABC Co. pays the bank $5,000 for toward the loan in transaction (d) i. ABC Co. received $5,000 for sales for services not yet to be provided j. customers from transaction (b) paid $200,000 Adjustments al it's the end of the month, make the appropriate adjustments to any prepaids previously recorded MC g 2 Cash Incorme Stm.CASH Retaned Earrongs.CASH Balance Sheet CASH Accrual Income Stt.ACCRUAL ww a2 company performed services from transaction (i) a3 received cash of $20,000 for services previously provided in transaction (b) Prepare ABC's Income Statement from the data above. (Accrual Method) Prepare the Statement of Retained Earnings from the data above. (Accrual Method) Prepare the Balance Sheet for ABC Co. from the above data. (Accrual Method) 2) ABC Co. had the following transactions during the month: shareholder deposits $200,000 into ABC Co.'s bank account in exchange for common stock a. b. ABC Co. sold $220,000 worth of products and services to customers on account at the beginning of the month ABC Co. paid 1 year of insurance in advance; $48,000 cash paid с. d. ABC Co. takes out a $500,000 loan from the bank ABC Co. buys a building for $500,000 e. C pg 1 MC Dg. 2 Cash Income Stmt. CASH Retained Earnings CASH Balance Sheet CASH Accrual Income St.ACORJAL Atuma War k ats Maclook Air f. ABC Co. paid cash dividends of $5,000 g. ABC Co. received $12,000 for sales for services provided h. ABC Co. pays the bank $5,000 for toward the loan in transaction (d) i. ABC Co. received $5,000 for sales for services not yet to be provided j. customers from transaction (b) paid $200,000 Adjustments al it's the end of the month, make the appropriate adjustments to any prepaids previously recorded MC g 2 Cash Incorme Stm.CASH Retaned Earrongs.CASH Balance Sheet CASH Accrual Income Stt.ACCRUAL ww a2 company performed services from transaction (i) a3 received cash of $20,000 for services previously provided in transaction (b) Prepare ABC's Income Statement from the data above. (Accrual Method) Prepare the Statement of Retained Earnings from the data above. (Accrual Method) Prepare the Balance Sheet for ABC Co. from the above data. (Accrual Method)

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