Andy's Autobody Shop has the following balances at the beginning of September: Cash, $11,200; Accounts Receivable, $1,100; Equipment, $40,500; Accounts Payable, $2,400; Common Stock, $20,000; and Retained Earnings, $30,400. a. Signed a long-term note and received a $100,100 loan from a local bank. b. Billed a customer $2,500 for repair services just completed. Payment is expected in 45 days. c. Wrote a check for $730 of rent for the current month. d. Received $480 cash on account from a customer for work done last month. e. The company incurred $400 in advertising costs for the current month and is planning to pay these costs next month. Required: 1. Prepare journal entries for the above transactions, which occurred during a recent month. 2. Prepare an income statement. 3. Prepare a statement of retained earnings. 4. Prepare a classified balance sheet.

Andy's Autobody Shop has the following balances at the beginning of September: Cash, $11,200; Accounts Receivable, $1,100; Equipment, $40,500; Accounts Payable, $2,400; Common Stock, $20,000; and Retained Earnings, $30,400. a. Signed a long-term note and received a $100,100 loan from a local bank. b. Billed a customer $2,500 for repair services just completed. Payment is expected in 45 days. c. Wrote a check for $730 of rent for the current month. d. Received $480 cash on account from a customer for work done last month. e. The company incurred $400 in advertising costs for the current month and is planning to pay these costs next month. Required: 1. Prepare journal entries for the above transactions, which occurred during a recent month. 2. Prepare an income statement. 3. Prepare a statement of retained earnings. 4. Prepare a classified balance sheet.

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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