Create journal entries for the following ABC Corp. Balance Sheet A s of December 31, 200 6
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Question:
Create journal entries for the following
ABC Corp.
Balance Sheet
As of December 31, 2006
Assets | Liability | |||||
Cash | $6,000 | Accounts Payable | $3,000 | |||
Accounts Receivable | $4,000 | |||||
Stockholders' Equity | ||||||
Common Stock | $3,000 | |||||
Additional Paid-in Capital | $2,000 | |||||
Retained Earnings | $2,000 | |||||
Total Liability and Stockholders' Equity | ||||||
Total Assets | $10,000 | $10,000 |
Below is a summary of events experienced by ABC Corp. during 2007
- On Jan 1st, 2007, ABC Corp. purchased equipments for $800. The equipment has a useful life of four years and ABC Corp. use straight-line depreciation.
- On April 1st, 2007, ABC purchased a one-year insurance policy for $1200. The policy is effective immediately.
- ABC Corp. declared and paid cash dividends of $1,000.
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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