1. Started the business when it acquired $50,000 cash from the issue of common stock. 2. Paid $22,200 cash to purchase inventory. 3. Sold inventory costing $12,400 for $27,400 cash. 4. Physically counted inventory; had inventory of $7,700 on hand at the end of the accounting period. Required a. Record the events in the T-accounts provided. b. Prepare an income statement and balance sheet. Complete this question by entering your answers in the tabs below. Required B Inc Required B Bal Sheet Required A Stmt Record the events in the T-accounts provided.

1. Started the business when it acquired $50,000 cash from the issue of common stock. 2. Paid $22,200 cash to purchase inventory. 3. Sold inventory costing $12,400 for $27,400 cash. 4. Physically counted inventory; had inventory of $7,700 on hand at the end of the accounting period. Required a. Record the events in the T-accounts provided. b. Prepare an income statement and balance sheet. Complete this question by entering your answers in the tabs below. Required B Inc Required B Bal Sheet Required A Stmt Record the events in the T-accounts provided.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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