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Are any of these correct, if not, which should be corrected? June 8: Prepared desserts for customers on account, $500. June 10: Received $50 cash
Are any of these correct, if not, which should be corrected?
June 8: Prepared desserts for customers on account, $500. June 10: Received $50 cash as partial payment of June 8 transaction. June 15: Paid telephone bill, $100. June 17: Paid her home electric bill from the company's checkbook, $70. June 20: Catered a wedding and received cash, $3,000. June 25: Bought additional equipment on account, $1,400. June 28: Rent expense due but unpaid, $850. June 30: Paid supplies expense, $500. b. Prepare a balance sheet showing the position of the firm before opening for business on May 31,202X. Complete the heading as well as the body of the statement. (If an input field is not used in the financial statement leave the field empty; do not select a label or enter a zero.) Review the balances from part (a) as of the end of May. c. Prepare an income statement for the month of June. Complete the heading as well as the body of the statement. (If an input field is not used in the financial statement leave the field empty; do not select a label or enter a zero.) Review the balances from part (a) as of the end of June. d. Prepare a statement of owner's equity for June. Complete the heading as well as the body of the statement. (Assume that there were no new investments from the owner during the accounting period.) Review the balances from part (a) as of the end of June. e. Prepare a balance sheet as of June 30,202X. Complete the heading as well as the body of the statement. (If an input field is not used in the financial statement leave the field empty; do not select a label or enter a zero.) Review the balances from part (a) as of the end of June. Transactions Requirements Prepare the following: a. The analysis of the transactions by using the expanded accounting equation. b. A balance sheet showing the position of the firm before opening for business on May 31, 202X. c. An income statement for the month of June. d. A statement of owner's equity for June. e. A balance sheet as of June 30,202XStep by Step Solution
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