T accounts, balance sheet, statement of cash flows
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The following transactions apply to ABC co. for 2007.
A.) Issued stock to investors for 15,000 cash.
B.) Purchased land for 12,000 cash.
C.) Performed services on account for 17,000.
D.) Collected 11,200 on accounts receivable.
E.) Paid operating expenses of 6,500.
1.) Draw T accounts and post transactions to the appropriate T accounts.
2.) Prepare a balance sheet and statement of cash flows for the period ending Dec 31 2007.
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Solution Summary
This solution is comprised of T accounts, balance sheet, and statement of cash flows for the period ending Dec 31, 2007.
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** Please see the attached file for the complete solution response **
(Debit) (Credit)
Cash Operating Expenses
15,000 12,000 6,500
11,200 6,500
26,200 18,500 6,500
7,700
Accounts Receivable Owners' Equity
17,000 11,200 15,000
17,000 11,200
5,800 15,000
Land Service Revenues
12,000 17,000
...
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