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Andy's Autobody Shop has the following balances at the beginning of September: Cash, $10,700; Accounts Receivable, $1,300; Equipment, $42,200; Accounts Payable, $2,200; Common Stock,
Andy's Autobody Shop has the following balances at the beginning of September: Cash, $10,700; Accounts Receivable, $1,300; Equipment, $42,200; Accounts Payable, $2,200; Common Stock, $20,000; and Retained Earnings, $32,000. a. Signed a long-term note and received a $115,100 loan from a local bank. b. Billed a customer $2,500 for repair services just completed. Payment is expected in 45 days. c. Wrote a check for $670 of rent for the current month. d. Received $390 cash on account from a customer for work done last month. e. The company incurred $350 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 a classified balance sheet. ANDY'S AUTOBODY SHOP Balance Sheet At September 30 Current Assets Cash Accounts Receivable Total Current Assets Equipment Assets $ 125,800 4,190 129,990 4,220 $ Total Assets 134,210 Liabilities
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