Super Pharma Company had the following transactions: 1. Issued capital stock for $935,000. 2. Purchased of...

 

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Super Pharma Company had the following transactions: 1. Issued capital stock for $935,000. 2. Purchased of inventory for $35,000 paying $15,000 and signing a note for the difference. 3. Paid $32,000 for electrical power bill. 4. Sold inventory costing $11,000 for a total sales price of $35,000. 5. Performed a service receiving $12,500 immediately and $2,500 to be collected. 6. Purchased a new Packaging Machine for $2,525 on account. Required: A. Record the above transactions in Journal Entries. (15 points) B. Record the above transactions in T-Accounts. (15 points) C. Prepare a Trial Balance for Super Vaccine Company. (10 points) D. Prepare the Income Statement, Statement of Retained Earnings, and Balance Sheet. Super Pharma Company had the following transactions: 1. Issued capital stock for $935,000. 2. Purchased of inventory for $35,000 paying $15,000 and signing a note for the difference. 3. Paid $32,000 for electrical power bill. 4. Sold inventory costing $11,000 for a total sales price of $35,000. 5. Performed a service receiving $12,500 immediately and $2,500 to be collected. 6. Purchased a new Packaging Machine for $2,525 on account. Required: A. Record the above transactions in Journal Entries. (15 points) B. Record the above transactions in T-Accounts. (15 points) C. Prepare a Trial Balance for Super Vaccine Company. (10 points) D. Prepare the Income Statement, Statement of Retained Earnings, and Balance Sheet.

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