1-Dec Began business by depositing $7500 in a bank account in the name of the company in exchange for 750 shares of $10 per share common stock.

1-Dec Paid the rent for the current month, $1150 .

1-Dec Paid the premium on a one-year insurance policy, $1080 .

1-Dec Purchased Equipment for $4200 cash.

5-Dec Purchased office supplies from XYZ Company on account, $300 .

15-Dec Provided services to customers for $8000 cash.

16-Dec Provided service to customers ABC Inc. on account, $6400 .

21-Dec Received $2800 cash from ABC Inc., customer on account.

23-Dec Paid $170 to XYZ company for supplies purchased on account on December 5

. 28-Dec Paid wages for the period December 1 through December 28, $4480 .

30-Dec Declared and paid dividend to stockholders $200 .

31-Dec One months insurance has been used by the company $90.

31-Dec The remaining inventory of unused office supplies is $90.

31-Dec The estimated depreciation on equipment is $70. 31-Dec Wages incurred from December 29 to December 31 but not yet paid or recorded total $480.

Prepare Income Statement, Statement of Stockholders Equity, and Classified Balance Sheet

Provide the ending balance of Cash at December 31 from the T-account

Provide the balance of the Retained Earnings T-account after closing entries have been posted.

Does the ending balance of the Retained Earnings T-account agree with the balance of Retained Earnings on the Balance Sheet?

Check Point: Total Assets

$ 15,830.00