$\backslash$table$[[4],[5],[6]]$

During the first month of operations, the following transactions were completed by ABC Corporation:

Dec $1$ Issued $25,000$ shares of $$1$ par common stock for cash of $$21$ per share.

ABC Company pays cash for Land and a building to be used in operations. The Dec $3$ land cost $$35,000$ and the building cost $$154,800.$

Dec $4$ Purchased $$12,000$ of store fixtures on account.

Purchased merchandise inventory from XYZ Company for $$125,000,$ terms n$/$eom$,$ Dec $5$ FOB destination.

Dec $6$ of merchandise sold was $$20,000.$

Dec $9$ Paid adverting costs of $$16,500$ to promote new business.

Purchased merchandise inventory from QRS Company for $$100,000,$ terms n$/30,$ Dec $10$ FOB destination.

Dec $11$ Purchased $500$ shares of treasury stock for $$16$ per share.

Dec $12$ ABC $\text{'}$s Board of Directors declared a $$30,000$ cash dividend.

Dec $13$ Paid $$400$ for utilities.

Dec $15$ Paid cash dividends to common shareholders.

Dec $16$ Received payment for merchandise sold on Dec. $6$th$.$

ABC sold $$75,000$ of merchandise on account, $\frac{n}{10},$ FOB shipping point. The cost Dec $23$ of merchandise sold was $$35,000.$

Dec $24$ Sold $300$ shares of treasury stock for $$20$ per share.

Dec $31$ Paid balance owed to XYZ Company for purchases on Dec $5$

$35$ At the end of December, the following adjustment data were assembled.

$36$

After a physical count of inventory, it was determined that $$169,500$ of inventory exists at December $31.$

$38$

Based on an analysis of A$/$R$,$ ABC Company anticipates $3\%$ of A$/$R to be uncollectible.

$39$

$40$

b

$\frac{41}{42}c$

$\frac{43}{44}d$

Buildings are depreciated using the straight line method with no salvage value for $30$ years. Round to the nearest dollar.

Store Fixtures are depreciated using the straight$-$line method with no salvage value for $5$ years. Round to the nearest dollar.

Directions:

$\backslash$table$[[46],[47],[48]]$

ABC Company is a retail company that begins operations on December $1,20,$ which is incorporated in the state of NC$.$ The ABC Company is authorized to issue $100,000$ shares of $$1$ par common stock. The company uses a perpetual inventory system. The following is a chart of accounts for ABC Company. As a new business, all beginning balances are $$0.$

$\backslash$table$[[210,$Accounts Payable,$],[113,$Accounts Receivable,$],[131,$Accumulated Depreciation $-$ Building,$],[141,$Accumulated Depreciation $-$ Store Fixtures,$],[520,$Advertising Expense,$],[114,$Allowance for Doubtful Accounts,$],[531,$Bad Debt Expense,$],[130,$Building,$],[110,$Cash,$],[330,$Cash Dividends,$],[230,$Cash Dividends Payable,$],[310,$Common Stock, $$1$ Par Value,$],[510,$Cost of Goods Sold,$],[522,$Depreciation Expense $-$ Building,$],[525,$Depreciation Expense $-$ Store Fixtures,$],[120,$Land,$],[115,$Inventory,$],[312,$Paid$-$in Capital $-$ Treasury Stock,$],[311,$Paid$-$in Capital in Excess of Par $-$ Common Stock,$],[320,$Retained Earnings,$],[410,$Sales,$],[140,$Store Fixtures,$],[330,$Treasury Stock,$],[530,$Utilities Expense,$]]$

General Journal

GENERAL JOURNAL

$\backslash$table$[[$Date$,$Account Titles and Explanation,P$.$ R$.,$Debit,Credit$],[$Dec$,,,,],[,-,,,],[,,,,],[,,,,],[,0_{?},,,],[,,,,],[,-,,,],[,,,,],[,,,,],[,,,,],[$B$,,,-,],[,,,-,],[0,,,-,],[,,,-,],[2,,,-,],[23,,1,-,],[24,,4_{?},-,],[25,,-,-,],[26,,,-,],[27,,,-,],[28,,-,-,],[29,,-,,],[30,,,0_{?},],[31,,-,-,],[32,,,,],[33,,,{}_{?},],[34,,,-,],[35,,,+,],[36,-,,,],[37,,,,]]$

Directions

Chart of Accounts

Journal$-$December

$($:$\left[\begin{array}{ccc}1& \text{A}\text{B}\text{C}\text{C}\text{o}\text{r}\text{p}\text{o}\text{r}\text{a}\text{t}\text{i}\text{o}\text{n}& ?\\ 2& \text{U}\text{n}\text{a}\text{d}\text{j}\text{u}\text{s}\text{t}\text{e}\text{d}\text{T}\text{r}\text{i}\text{a}\text{l}\text{B}\text{a}\text{l}\text{a}\text{n}\text{c}\text{e}& ?\\ 3& \text{D}\text{e}\text{c}\text{e}\text{m}\text{b}\text{e}\text{r}31& 20\end{array}\right]$