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Andy's Autobody Shop has the following balances at the beginning of September: Cash, $9,000; Accounts Receivable, $1,300; Equipment, $34,200; Accounts Payable, $2,500; Common Stock, $20,000;
Andy's Autobody Shop has the following balances at the beginning of September: Cash, $9,000; Accounts Receivable, $1,300; Equipment, $34,200; Accounts Payable, $2,500; Common Stock, $20,000; and Retained Earnings, $22,000. a. Signed a long-term note and received a $79,300 loan from a local bank. b. Billed a customer $2,200 for repair services just completed. Payment is expected in 45 days. c. Wrote a check for $810 of rent for the current month. d. Received $430 cash on account from a customer for work done last month. e. The company incurred $380 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. Required 1 Required 2 Required 3 Required 4 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.) View transaction list View journal entry worksheet No Transaction General Journal 1 Cash 2 b Accounts Receivable Debit Credit 89,000 96,000
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