complete this in excel!

In Excel with formulas!   JE/AJE/Closing Entries and financial statements for 12/31/xx (I/S, RE, B/S).

Name_______________________________________________
230 Exam 1
Fall 2024
All transactions in cash unless otherwise noted.
ABC Corporation had the following ending-balances after year-1 operations: Cash balance was
$200,000. Common Stock was $40,000 and Retained Earnings was $160,000. In year 2 the
following transactions occurred:
1) Performed services for $146,000 on account
2) Purchased $1,800 of supplies on account (use asset account for supplies)
3) Purchased building for $50,000 signing a note on 10/1 with a 6% APR requiring all principal
and interest to be paid in 9 months (next year (year 3)).
4) Paid salaries expense of $36,500
5) Paid for $600 of the supplies purchased in event (2)
6) Collected $45,000 in advance for services to be provided over the next 12 months
7) Recognized $30,000 of revenue from event (6)
8) Owed $9,000 of salaries expenses to employees for work done during December, that will be
paid during January, Year 3.
9) Received 100,000 from customer for prior services delivered; event (1)
10) The building was depreciated by $25,000.
11) Counted supplies and we determined that there $300 worth of supplies left.
12) Tax rate is 20%
13) Paid a dividend of $20,000
Show all Journal entries (not closing) and Prepare 12/31/year-2 Income Statement and Balance
Sheet
Name ___________________________________________________ scrap 1
Name ___________________________________________ Scrap 2