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In: AccountingPost the followingtransactions to the T-Accounts, then prepare 12/31/2006Balance Sheet, Income Statement, Statement of...Post the followingtransactions to the T-Accounts, then prepare 12/31/2006Balance Sheet, Income Statement, Statement ofRetained Earnings, andStatement of Cash Flow.1/7/06Collected $80,000 on Accounts Receivable1/15/06Sold an additional 100,000 shares at $5 pershare2/1/06Made a sale of $90,000 on account. Cost ofinventory sold was $65,0002/15/06Bought merchandise inventory for $70,000 cash3/1/06Paid vendors $16,000 cash on Accounts Payable6/30/06Made payment of $25,000 on Notes Payable7/1/06Purchased $10,000 worth of store equipment forCash.11/30/06Made a sale of merchandise for $50,000 cash whichreduced inventory $30,00012/15/06Declared and paid a $20,000 dividend toshareholders12/31/06Recorded $3,000 Rent Income from UnearnedIncome12/31/06Recorded Depreciation for year on equipment of$1,00012/31/06Recorded expiration of 1-year prepaid rent expensefor $2,00012/31/06Sold equipment for $1,000 cash which cost $1,000when purchased new.The equipment was sold before recording anydepreciation