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1/12 Shareholders invested in the company $10,000 by cash.

1/12 borrow $10,000 from bank to finance for working capital at 9% interest rate per annum.

1/12 purchase equipment for $9000, useful life of 4 years, salvage value is $3,000 1/12 Paid for rent of December $500
2/12 received $4,500 cash in advance from customer for a repairing work to be provided in 3 months
3/12 purchase 70 mobiles for $100/unit on account, n/60
4/12 require suppliers to reduce 7 defective mobiles by $0 each.
5/12 purchase 60 mobiles for $110 each on credit, credit term, 2/10 n/EOM; FOB Shipping point, knowning that transportation cost is $100.
6/12 sold on credit 50 mobiles at $200 each, credit term 2/30 n/60, the company uses FIFO inventory costing method, FOB destination point, known that transportation fee is $200.
7/12 customers returned 5 defective mobiles.

16/12 Pay for the credit purchase on 5/12.
25/12 collect 80% of account receivable from customer for sale contract on 6/12
31/12 salaries accrued $600 but has not paid yet.

31/12 shareholder withdrew $1500 1. Prepare general journal for the company 2. Prepare Income statement and balance sheet for the company on 31/12
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