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Andy's Autobody Shop has the following balances at the beginning of September: Cash, $10,000; Accounts Receivable, $1,450; Equipment, $40,000; Accounts Payable, $2,000; Common Stock,
Andy's Autobody Shop has the following balances at the beginning of September: Cash, $10,000; Accounts Receivable, $1,450; Equipment, $40,000; Accounts Payable, $2,000; Common Stock, $20,000; and Retained Earnings, $29,450. a. Signed a long-term note and received a $150,000 loan from a local bank. b. Billed a customer $2,000 for repair services just completed. Payment is expected in 45 days. c. Wrote a check for $600 of rent for the current month. d. Received $450 cash on account from a customer for work done last month. e. The company incurred $400 in advertising costs for the current month and is planning to pay these costs next month. Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Balance Sheet Earnings General Journal tab - Prepare the journal entries to record the transactions (a) through (e). Review the accou in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the general ledger. Trial Balance tab - The ending balance values from the General Ledger tab flows through to the Trial Balance t Income Statement tab - Use the drop-down to select the accounts properly included on the income statement Statement of Retained Earnings tab - Prepare the statement of retained earnings for the year ended Septem Balance Sheet tab - Prepare a classified balance sheet at September 30.
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