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Andy's Autobody Shop has the following balances at the beginning of September: Cash, $11,100; Accounts Receivable, $1,300; Equipment, $40,900; Accounts Payable, $2,300; Common Stock,
Andy's Autobody Shop has the following balances at the beginning of September: Cash, $11,100; Accounts Receivable, $1,300; Equipment, $40,900; Accounts Payable, $2,300; Common Stock, $20,000; and Retained Earnings, $31,000. a Signed a long-term note and received a $100,900 loan from a local bank. b Billed a customer $2,300 for repair services just completed. Payment is expected in 45 days. c Wrote a check for $860 of rent for the current month. d Received $390 cash on account from a customer for work done last month. e The company incurred $430 in advertising costs for the current month and is planning to pay these costs next month.
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