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ABC OIL CHANGE CORP
January 1 initial investment for the service business for $ 15,000
January 3 Machinery for oil change of vehicles was acquired for $ 25,000 to accounts payable
January 6 Services were performed to clients for three days which generated $ 10,000 in charged services
February 20 Truck Services company hired ABC oil change for oil and filter maintenance for one year
February 28 ABC OIL billed Truck Services for $ 5,000 in services performed
March 4 during the last period generated $ 25,000 in revenue to individual clients
March 20 wages of $ 2,000 are due
April 15 the corporation issued a quarterly tax payment of $ 3,700
May 10 Truck Services paid the February invoice in full
June 12 Profit of $ 2,400 was paid
July 15 Rent was paid for $ 8000
August 21 generated income from services to individual clients of $ 75,000 since the last report
September 30 Truck Services prepaid $ 12,000 for a service to be performed in January 2021
October 1 wages due were paid on March 20
November 11 advertising was paid for $ 150.00
November 25, $ 250.00 was withdrawn for Petty cash
November 30 lunch was purchased for the employees for $ 100.00 from the Petty cash account
December 30, loans were requested for notes payable for $ 29,000
December 31 accumulated accident insurance for $ 450 was paid
December 31 depreciation of the equipment was for $ 1,500
December 31 the owner withdrew $ 1,400 for personal use
Instructions
1) Perform Jornal entries
2) Perform T accounts
3) Perform Trial Balance
4) Perform Worksheet
5) perform income statement, owners equity statement and balance sheet
6) perform the cash flows
Answer & Explanation
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