Answer as many questions as possible, 4 photos attached, including the beginning balances Directions: The assignment…

Answer as many questions as possible, 4 photos attached,
including the beginning balances

Directions: The assignment encompasses two files: Directions and Transactions (this Word document) and Forms (a separate Excel workbook). Your solution should be worked in Excel and the completed Excel workbook submitted for grading. You should use Excel formula where appropriate and cell references to carry forward values and numbers between worksheets within the workbook. Simply typing values in Excel will result in a reduced score, even if the correct solution is provided. You should use formula wherever possible. 1 Analyze the narrative to prepare and record the transactions for December to the General Jounal. 2. Pos”าย jurnal entries to ledger accounts using T-accounts (Don’t forget the opening balances from the information given on the post-closing trial balance on Nov. 30th) 3. Prepare Income Statement and the Retained Eamings Statement for the month ended December 31, 2018 and Balance Sheet as of December 31, 2018 in good forms. Use the multi-step format for the Income Statement. Close the temporary accounts, posting any net income or loss to retained earnings 4. Transactions in December 2018 Dec. The equipment was completely destroyed by the regional earth quake Loss by earthquake” was recognized Lent cash to another company and recelived a2 year, $30,000 zero- Interest-bearing note. The market rate of interest for a note of simler risk is 9 percent new equipment that oosts $12.000 and issued 1,200 shares 1 Purchased common stock (no-par stock) to the equipment seler 3Cash payment on accounts payable amounted to $6,000 4 Sold land for $13,000 cash 0 Collected $186,000 as payment for amounts previously biled (ouppose the payment was made wilthin the discount period) 13 One of the customers went bankrupt SUNG Co. wrote off $1,500 Bccount recelvable 5 Paid monthly salaries of $20,000 to employees 16 Issued 1,000 shares of preferred stock at $15 per share 17 Purchased 500 shares of ABC corporation’s common stock at $20(p share) and classily the securitlies as available-for-sales securities 20 Found that the company incorrectly overstated its November account eceivable and sales revenue by $2.000 and made a journal entry to correct the error Performed services for a customer for $40000 cash Performed $30,000 services on account with the following terms: 2/15 29 30 n/30. SUNG Co. records credit sales using the net method 31 Dividends of $6,000 were declared and paid.$ 1,500 is paid to preferre stockholders and the rest is paid to the common stock holders 31 ABC corporation declared $ 5 dividend per share (to common stock holders). It will be paid in 2018. Additional information Ignore tax effect 2. Salaries expenses incurred but not paid prior to Dec. 31 totaled $10,500. 3. The company received the bill for utility services (electricity) that the firm used during December in the amount of $6,000. The company will pay the bill in Jan. 2018. $3,000 of supplies remained at the end of December 5. The company use the ‘Allowance” method for possible accounts recelvable write-offs in the future and estimated that 5% of the outstanding account receivable will not be collected 6. The equipment purchased on Dec. 1 depreciates $200 per month 7. The common stock price of ABC Corporation on December 31st is still $ 20 per share SUNG Co. Post-closing Trial Balance November 30th, 2018 ACCOUNT CREDIT DEBIT Cash Accounts Receivable Allowance for doubtful account Supplies Equipment Accumulated Depreciation Land Accounts Payable Salaries Payable Common Stock $42,500 20,000 1,000 9.000 10,000 $5,000 10.500 8,000 10.000 50,000 18.000 Retained Earnings $92.000 $92,000 50,000 shares authorized, 20,000 shares issued and outstanding JOURNAL ENTRIES-SUNG Co DATE | DEBIT ACCOUNT CREDIT Al