Journal all transactions in Part One using the line designators in Part One $,$ etc.$)$ in place of dates.

Using the chart of accounts, open ledger accounts in $"T"$ account format and post journals to the ledger accounts.

Prepare a trial balance.

Prepare the following statements:

a$.$ Income Statement,

b$.$ Retained Earnings Statement,

c$.$ Balance Sheet.

Note: Use a separate spreadsheet within the Excel file for the journal entries, T accounts, trial balance and each of the statements. Each of the spreadsheets should be titled using Company Name, Use $($Journal Entries, General Ledger, etc.$)$ and date.

Part One

The following transactions occurred for Scrooge Inc. for the month ended December $31,1820,$ its first month of operation:

A$.$ Ebenezer Scrooge invested $$50,000$ cash in the company in exchange for common stock.

B$.$ The company prepaid $$480$ for $12$ month's rent.

C$.$ The company purchased $$100$ in office supplies. Payment due withing $10$ days

D$.$ Scrooge Inc. completed services for a client and immediately received $$2,000.$

E$.$ The company completed $$1,500$ project for a client. The client was billed, and the invoice must be paid within $30$ days.

F$.$ The company paid the $$100$ cash to settle the office supplies $\frac{A}{P}(C).$

$G.$ The company received $$750$ in cash as partial payment for the work completed earlier $($E$).$

H$.$ The company paid a $$50$ cash dividend.

The company paid its coal heating bill for $$10$ in cash.

Chart of Accounts

$101$ Cash

$102\frac{A}{R}$

$103$ Supplies

$104$ Prepaid Rent

$105$ Accumulated Depreciation $-$ Building

$201\frac{A}{P}$

$202$ Unearned Revenue

$301$ Common Stock

$302$ Dividends

$400$ Revenue

$600$ Heating Expense

$601$ Depreciation Expense $-$ Building

$602$ Rent Expense

$603$ Supplies Expense