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1 On January 1, 2020, Ivana Sueyou and Chase Ambulance form Duey Suem and Howe, Inc. (DSH) a personal injury law firm by each
1 On January 1, 2020, Ivana Sueyou and Chase Ambulance form Duey Suem and Howe, Inc. ("DSH") a personal injury law firm by each contributing $50,000 in exchange for common stock of DSH. 2 During the year ended December 31, 2020, DSH received $150,000 cash by performing legal services. Upon completion of the legal services DSH had no further obligations to their clients 3 During the year ended December 31, 2020, DSH paid a paralegal CONSULTANT $55,000 cash. 4 On December 31, 2020, DSH purchased equipment costing $15,000 on account from Ambulances-R-Us, Inc. (ARUI) DSH will pay ARUI for the equipment in 30 days. For DSH: 1. Input transactions 1-4 into the appropriate T-accounts 2. Prepare an unadjusted trial balance 3. Prepare an income statement for the year ended 12/31/20 4. Prepare a statement of retained earnings for the year ended 12/31/20 5. Close out temporary accounts to retained earnings via t-accounts 6. Prepare a post-closing trial balance 7. Prepare a balance sheet as of 12/31/20
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