The following transactions apply to ABC co. for 2007.
A.) Issued stock to investors for 15,000 cash.
B.) Purchased land for 12,000 cash.
C.) Performed services on account for 17,000.
D.) Collected 11,200 on accounts receivable.
E.) Paid operating expenses of 6,500.
Question 1.) Draw T accounts and post transactions to the appropriate T accounts.
Question 2.) Prepare a balance sheet and statement of cash flows for the period ending Dec 31 2007.