The December 31, Year 2, balance sheet for Mason Dixon

The December 31, Year 2, for Mason Dixon Corp. (MDC) showed Cash of $80,000, of $30,000, and Retained Earnings of $50,000. During Year 3, MDC experienced the following accounting events: 1. MDC purchased merchandise inventory for $52,000 cash. 2a. MDC recognized revenue from selling inventory for $75,000 on account. 2b. MDC recognized $45,000 of cost of goods sold. 3. In a year-end adjusting entry MDC recognized $1,600 of uncollectible accounts expense. 4. MDC paid $25,000 cash to purchase display equipment. The equipment had a five-year useful life and a $5,000 . 5. MDC recognized depreciation expense associated with the equipment purchased in Event 4. 6. On October 1, Year 3, MDC acquired $30,000 cash by issuing a note to the State Bank. The note had a 5 percent annual interest rate and a one-year term to maturity. 7. MDC recognized accrued interest expense for the note issued in Event 6. a. Record the events in T-accounts and determine the ending account balances. b. Prepare an income statement, a and a statement of cash flows.

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