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Andy's Autobody Shop has the following balances at the beginning of September: Cash, $11,100; Accounts Receivable, $1,200; Equipment, $39,800; Accounts Payable, $2,300; Common Stock, $20,000;
Andy's Autobody Shop has the following balances at the beginning of September: Cash, $11,100; Accounts Receivable, $1,200; Equipment, \$39,800; Accounts Payable, \$2,300; Common Stock, \$20,000; and Retained Earnings, \$29,800. a. Signed a long-term note and received a $104,200 loan from a local bank. b. Billed a customer $2,600 for repair services just completed. Payment is expected in 45 days. c. Wrote a check for $790 of rent for the current month. d. Received $430 cash on account from a customer for work done last month. e. The company incurred $390 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. Complete this question by entering your answers in the tabs below. Prepare journal entries for the above transactions, which occurred during a recent month. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) \#1: Journal entry worksheet A. Record the signing of a long-term note and receipt of a $104,200 loan from a local bank. B. Record the billing to a customer for $2,600 in repair services just completed. C. Record the rent payment of $790 for the current month. D. Record the receipt of $430 cash from a customer for work done last month. E. Record the entry for $390 incurred in advertising costs for the current month that the company plans to pay next month. \#2: \#3: Prepare a statement of retained earnings. If there are no dividends, include a line that reports Dividends of zero
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