Reference no: EM133121602

Question - Pocono Corporation began business operations and experienced the following transactions during 2011:

1) Issued common stock for $150,000 cash.

2) Provided services to customers for $40,000 on account.

3) Incurred $18,000 of operating expenses on account.

4) Collected $23,000 cash from customers.

5) Paid $15,000 on accounts payable.

6) Purchased land paying $50,000.

Required - Record the above transactions on a horizontal statements model to reflect their effect on Pocono's financial statements. Prepare Income Statement, Statement of Changes in Shareholders Equity, Balance Sheet and Cash flow statement.