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Business
Accounting
Accounts payable $37,500 Accounts receivable $27,500 Accumulated depreciation-Video equipment $70,000 Advertising expense $52,500 Cash $60,000 Common stock $225,000 Depreciation expense $30,000 Dividends $37,500 Insurance expense $7,500

Accounts payable $37,500 Accounts receivable $27,500 Accumulated depreciation-Video equipment $70,000 Advertising expense $52,500 Cash $60,000 Common stock $225,000 Depreciation expense $30,000 Dividends $37,500 Insurance expense $7,500

FINANCIAL ACCOUNTING
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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Prepare SFP

Accounts payable $37,500 Accounts receivable $27,500 Accumulated depreciation-Video equipment S70,000 Advertising expense $52,500 Cash $60,000 Common stock $225,000 Depreciation expense $30,000 Dividends $37,500 Insurance expense S7,500 Note payable (due 2022) $175,000 Prepaid insurance $15,000 Rent expense $42,500 Retained earnings (beginning) $30,000 Salaries expense S85,000 Salaries payable $7,500 Service revenue $362,500 Supplies $10,000 Supplies expense $15,000 Video equipment $525,000
Transcribed Image Text:Accounts payable $37,500 Accounts receivable $27,500 Accumulated depreciation-Video equipment S70,000 Advertising expense $52,500 Cash $60,000 Common stock $225,000 Depreciation expense $30,000 Dividends $37,500 Insurance expense S7,500 Note payable (due 2022) $175,000 Prepaid insurance $15,000 Rent expense $42,500 Retained earnings (beginning) $30,000 Salaries expense S85,000 Salaries payable $7,500 Service revenue $362,500 Supplies $10,000 Supplies expense $15,000 Video equipment $525,000
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