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Directions ACC 120 Final Exam During the first month of operations, the following transactions were completed by ABC Corporation: Dec 1Issued 25,000 shares of $1 par common stock for cash of $20 per share. Dec 3ABC Company pays cash for Land and a building to be used in operations. The land cost $50,000 and the building cost $150,000. Dec 4Purchased $10,000 of store fixtures on account. Dec 5Purchased merchandise inventory from XYZ Company for $125,000, terms n/eom, FOB destination. Dec 6ABC sold $50,000 of merchandise on account, 2/10, n/30, FOB shipping point. The cost of merchandise sold was $20,000. Dec 9Paid adverting costs of $15,000 to promote new business. Dec 10Purchased merchandise inventory from QRS Company for $100,000, terms n/30, FOB destination. Dec 11Purchased 500 shares of treasury stock for $15 per share. Dec 12ABC's Board of Directors declared a $30,000 cash dividend. Dec 13Paid $300 for utilities. Dec 15Paid cash dividends to common shareholders. Dec 16Received payment for merchandise sold on Dec. 6th. Dec 23ABC sold $75,000 of merchandise on account, 2/10, n/30, FOB shipping point. The cost of merchandise sold was $35,000. Dec 24Sold 300 shares of treasury stock for $20 per share. Dec 31Paid balance owed to XYZ Company for purchases on Dec 5. At the end of December, the following adjustment data were assembled. aAfter a physical count of inventory, it was determined that $169,500of inventory exists at December 31. bBased on an analysis of A/R, ABC Company anticipates 3% of A/R to be uncollectible. cBuildings are depreciated using the straight line method with no salvage value for 30 years. Round to the nearest dollar. dStore Fixtures are depreciated using the straight-line method with no salvage value for 5 years. Round to the nearest dollar. Directions: 1Journalize the routine transactions above on the Journal-December tab. 2Use the Unadjusted Trial Balance and adjusting information provided above to journalize the 4 adjusting entries on the Journal - December tab (below the routine entries). 3Use the Adjusted Trial Balance provided to prepare financial statments for ABC Corporation. You are only responsible for preparing the Income Statement, Statement of Retained Earnings, and classified Balance Sheet. These should be completed on the Financial Statements tab. You should complete your final project in this Excel workbook using the following tabs: Journal-December and Financial Statements. You may use another spreadsheet program as long as Excel can open the file. Chart of Accounts ACC 120 Final Exam ABC Corporation is a retail company that begins operations on December 1, 20xx, which is incorporated in the state of NC. The ABC Corporation is authorized to issue 100,000 shares of $1 par common stock. The company uses a perpetual inventory system. The following is a chart of accounts for ABC Corporation. As a new business, all beginning balances are $0. 210Accounts Payable 113Accounts Receivable 131Accumulated Depreciation - Building 141Accumulated Depreciation - Store Fixtures 520Advertising Expense 114Allowance for Doubtful Accounts 531Bad Debt Expense 130Building 110Cash 330Cash Dividends 230Cash Dividends Payable 310Common Stock, $1 Par Value 510Cost of Merchandise Sold 522Depreciation Expense - Building 525Depreciation Expense - Store Fixtures 120Land 115Merchandise Inventory 312Paid-in Capital - Treasury Stock 311Paid-in Capital in Excess of Par - Common Stock 320Retained Earnings 410Sales 140Store Fixtures 340Treasury Stock 530Utilities Expense Journal-December Name ABC Corporation General Journal GENERAL JOURNAL Date Account Titles and ExplanationP. R.DebitCredit Unadjusted Trial Balance ABC Corporation Unadjusted Trial Balance December 31, 20xx DebitCredit Cash$ 177,200 Accounts Receivable$ 73,500 Allowance for Doubtful Accounts$ - 0 Merchandise Inventory$ 170,000 Land$ 50,000 Building$ 150,000 Accumulated Depreciation - Building$ - 0 Store Fixtures$ 10,000 Accumulated Depreciation - Store Fixtures$ - 0 Accounts Payable$ 110,000 Cash Dividends Payable$ - 0 Common Stock, $1 Par Value$ 25,000 Paid-in Capital in Excess of Par - Common Stock$ 475,000 Paid-in Capital - Treasury Stock$ 1,500 Retained Earnings$ - 0 Cash Dividends$ 30,000 Treasury Stock $ 3,000 Sales$ 122,500 Cost of Merchandise Sold$ 55,000 Advertising Expense$ 15,000 Depreciation Expense - Building$ - 0 Depreciation Expense - Store Fixtures$ - 0 Utilities Expense$ 300 Bad Debt Expense$ - 0 $ 734,000$ 734,000 Adjusted Trial Balance ABC Corporation Adjusted Trial Balance December 31, 20xx Cash$ 177,200 Accounts Receivable$ 73,500 Allowance for Doubtful Accounts$ 2,205 Merchandise Inventory$ 169,500 Land$ 50,000 Building$ 150,000 Accumulated Depreciation - Building$ 417 Store Fixtures$ 10,000 Accumulated Depreciation - Store Fixtures$ 167 Accounts Payable$ 110,000 Cash Dividends Payable$ - 0 Common Stock, $1 Par Value$ 25,000 Paid-in Capital in Excess of Par - Common Stock$ 475,000 Paid-in Capital - Treasury Stock$ 1,500 Retained Earnings$ - 0 Cash Dividends$ 30,000 Treasury Stock $ 3,000 Sales$ 122,500 Cost of Merchandise Sold$ 55,500 Advertising Expense$ 15,000 Depreciation Expense - Building$ 417 Depreciation Expense - Store Fixtures$ 167 Utilities Expense$ 300 Bad Debt Expense$ 2,205 $ 736,788$ 736,788 Financial Statements NameABC Corporation Financial Statements ABC Corporation Income Statement For the month ended December 31, 20xx ABC Corporation Statement of Retained Earnings For the month ended December 31, 20xx ABC Corporation Balance Sheet December 31, 20xx