Business, 25.09.2020 05:01 eguzmandpandoracom
Andy’s Autobody Shop has the following balances at the beginning of September: Cash, $9,800; Accounts Receivable, $1,300; Equipment, $44,900; Accounts Payable, $2,100; Common Stock, $20,000; and Retained Earnings, $33,900. Signed a long-term note and received a $123,800 loan from a local bank. Billed a customer $2,300 for repair services just completed. Payment is expected in 45 days. Wrote a check for $740 of rent for the current month. Received $360 cash on account from a customer for work done last month. The company incurred $350 in advertising costs for the current month and is planning to pay these costs next month. Required: Prepare journal entries for the above transactions, which occurred during a recent month. Prepare an income statement. Prepare a statement of retained earnings. Prepare a classified balance sheet.
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Andy’s Autobody Shop has the following balances at the beginning of September: Cash, $9,800; Account...
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