Use the following accounts and information to prepare, an Income Statement, a Retained Earnings Statement, and a Balance Sheet for JTC Industries for the month ended August 31, 2017. Accounts payable 1,100.00 Dividends 3,000.00 Accounts receivable 5,400.00 Insurance expense 1,200.00 Buildings 63,000.00 Supplies 1,400.00 Cash 20,600.00 Notes payable 3,300.00 Service revenue 25,700.00 Rent expense 3,400.00 Common stock 52,000.00 Salaries expense 10,000.00 Retained earnings (beginning) 25,900.00
Use the following accounts and information to prepare, an Income Statement, a Retained Earnings Statement, and a Balance Sheet for JTC Industries for the month ended August 31, 2017. Accounts payable 1,100.00 Dividends 3,000.00 Accounts receivable 5,400.00 Insurance expense 1,200.00 Buildings 63,000.00 Supplies 1,400.00 Cash 20,600.00 Notes payable 3,300.00 Service revenue 25,700.00 Rent expense 3,400.00 Common stock 52,000.00 Salaries expense 10,000.00 Retained earnings (beginning) 25,900.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please show the solutions in good accounting form.
![Use the following accounts and information to prepare, an Income Statement, a Retained Earnings Statement, and a
Balance Sheet for JTC Industries for the month ended August 31, 2017.
Accounts payable
1,100.00
Dividends
3,000.00
Accounts receivable
5,400.00
Insurance expense
1,200.00
Buildings
63,000.00
Supplies
1,400.00
Cash
20,600.00
Notes payable
3,300.00
Service revenue
25,700.00
Rent expense
3,400.00
Common stock
52,000.00
Salaries expense
10,000.00
Retained earnings (beginning)
25,900.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd5079a63-4962-4acc-bd71-4db4b7eb8b1e%2F656db046-4913-4683-8f37-eb739b2dcccf%2Fm2wfctq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Use the following accounts and information to prepare, an Income Statement, a Retained Earnings Statement, and a
Balance Sheet for JTC Industries for the month ended August 31, 2017.
Accounts payable
1,100.00
Dividends
3,000.00
Accounts receivable
5,400.00
Insurance expense
1,200.00
Buildings
63,000.00
Supplies
1,400.00
Cash
20,600.00
Notes payable
3,300.00
Service revenue
25,700.00
Rent expense
3,400.00
Common stock
52,000.00
Salaries expense
10,000.00
Retained earnings (beginning)
25,900.00
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