ABC Inc. established its operation at January $1$st$,2023.$

A$)$ Enter all necessery Journal Entries that occured during the year.

B$)$ Then prepare the adjusting entries, closing entries, financials, worksheet. Complete T accounts.

$1)$ In January, Initial stock issuance: $$540,000$

$2)$ In January, purchased Equipment $ $67000,10$ years life, $$7000$ residual value $$67,000$ $$7,000$

$3)$ Paid for the year total utility bills: $$3,200$

$4)$ In January, paid in advance rent for the two years: $$8,000$

$5)$ In February, received prepayment from a customer for service to be provided: $$35,000$

$6)$ As of Dec. $31$st$.$ unearned revenue balance is: $$5,000$

$7)$ In December, Dividend declared: $$7,500$

During the Year JE's

Account Name Debit Credit

Adjusting Entries Dec. $31$st $20$XX

Closing Entries

ABC Inc. ABC Inc.

Income Statement Statement of Retained Earnings

ABC Inc. ABC Inc.

Balance Sheet Post Closing Trial Balance Balance