Paper Instructions

ABC Farm completed the following transactions during 2020:

Jan 16: Invested Cash $400,000 & farm equipment $30,000 in the farming business.

Feb 10: Purchased land for cash $340,000.

March 5: Purchased & used seed for $20,000, fertilizer $10,000, & fuel $5,000

April 8: Purchased a farm equipment for $34,000 paying cash $10,000 and signed a note payable within five years for the remaining balance

May 15: Purchased office equipment for $2,400 and signed a note payable within three years

May 18: Paid rent for $6,000

June 19:Received cash for job completed $1,200.

June 23: Wages paid to employees $4,100.

July 1: Sold crops; $200,000 in cash and $100,000 on credit

July 25: Paid annual premium on property insurance $1,000.

July 26: Paid $1,400 towards the notes payable signed in May.

August 28: Received cash $1,400 for job completed.

August 29: Paid miscellaneous expenses $500.

August 30: Paid wages to employees $4,300.

September 1: Withdraw cash for personal use $3,000

September 10: Personal debit card used to purchase a computer to be used in the farm business $1,200

October 04: Paid $4,600 towards the notes payable signed on April 8.

Make the following reports for the ABC Farm:

  1. Journal
  2. Ledger
  3. Trial Balance
  4. Income Statement
  5. Statement of Owner’s Equity
  6. Balance Sheet

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