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The following transactions apply to Bialis Co. for 2014, its first year of operations. PS2...

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Accounting

The following transactions apply to Bialis Co. for 2014, its first year of operations. PS2 1.5 Beginning Inventory Units Purchased Endinginventoryconsistedof and sales were made with cash. REQUIRED 135 units @ $13 495 units @ $18 1. Issued $180,000 2. Provided $147,000 3. Collected $115,500 4. Loaned $18,750 and an 8% interest rate. 5. Paid $55,500 6. Paid a $4,200 7. Recorded the accrued interest income on December 31, 2014 (see item 4). 8. Uncollectible accounts expense is estimated to be 1% of service revenue on account. REQUIRED a. Show the effects of the above transactions in a horizontal statements model. b. Prepare the income statement, balance sheet, and statement of cash flows for 2014

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