January You are to record the below events and then post the journal entries. After posting all the journal...

   

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January You are to record the below events and then post the journal entries. After posting all the journal entries you will need to create the three financial statements. Some of the journal entries will be partially done for you and you will need to enter the amounts to the accounts. Company Name => Blue Mountain Current Year => 2025 Business Transactions: 1) 2) 3) 4) Blue Mountain Corporation issues 65,000 shares at $150 market value (par value = $100). Hint: The amount that goes into the common stock account will be based on the par value the shares issued. Blue Mountain Corporation issues $550,000 worth of Bonds Payable (face rate market rate). The business buys $500,000 worth of inventory on account. The business buys $65,000 worth of inventory on account. 5) The business buys $8,000 worth of inventory with cash. 6) The business buys some equipment with cash at $150,000. 7) The business paid $9,000 in salaries (with cash)... 8) 9) 12) 14) The business paid $3,000 in utilities (with cash)... The business received cash before completing any obligation to the customer ($140,000). 10) A business sells its inventory on account for $450,000 (cost $125,000). Hit: You should use two journal entries... 11) A business sells its inventory on account for $35,000 (cost $9,000). Hit: You should use two journal entries... A business sells its inventory for $30,000 cash (cost $8,000). Hit: You should use two journal entries... 13) The business completes $30,000 of the obligation (see January 9th)... A customer pays $3,000 on its accounts receivable.... 15) A customer pays $12,000 on its accounts receivable... 16) The business pays $5,000 on one of its accounts (use accounts payable). 17) The business pays $4,000 on one of its accounts (use accounts payable). General Ledger Cash Accounts Payable Accounts Receivable Unearned Revenue Inventory Bonds Payable Equipment Sales cost of Goods Sold Gross Margin Operating Expenses Salaries Expense Utilities Expense Net Income BLUE MOUNTAIN SIMPLE INCOME STATEMENT FOR THE MONTH ENDED JANUARY 31, 2025 RETAINED EARNING, BEGINNNING BALANCE Add: Net Income Current Assets Cash Less: Dividends RETAINED EARNING, ENDING BALANCE BLUE MOUNTAIN STATEMENT OF RETAINED EARNINGS FOR THE MONTH ENDED JANUARY 31, 2025 Equipment Total Assets Accounts Receivable Inventory Total Current Assets Bonds Payable Total Liabilities Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Unearned Revenue. Total Current Liabilities BLUE MOUNTAIN BALANCE SHEET JANUARY 31, 2025 Stockholders' Equity Common Stock Additional Paid-in-Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity

Answer rating: 100% (QA)