Question
At September 30, 2019 Mast Corporation reported the following unadjusted amounts for its accounts, each of which is considered to be a normal account balance.
At September 30, 2019 Mast Corporation reported the following unadjusted amounts for its accounts, each of which is considered to be a normal account balance.
Accounts Payable | $12,000 |
Accounts Receivable | 1,000 |
Advertising Expense | 400 |
Cash | 84,000 |
Common Stock Dividends | 64,000 1,000 |
Equipment | 60,000 |
Note Payable | 36,000 |
Service Revenue | 42,000 |
Retained Earnings | 24,800 |
Supplies | 1,400 |
Supplies Expense | 600 |
Utilities Expense | 2,000 |
Salaries and Wages Expense | 28,400 |
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During September, the following occurred:
1. Investors purchased 2,000 shares of stock for $5 per share.
2. A customer received consulting services for $7,000 and will pay this amount in full next month
3. The electricity bill for September arrived for $400 and was immediately paid in full.
Required:
1. Journalize transactions 1-3 if applicable
2. Prepare an Unadjusted Trial Balance (update balances with the transactions from 1.)
3. Prepare an Income Statement for September 30
4. Prepare a Statement of Retained Earnings for September 30
5. Prepare a Classified Balance Sheet for September 30
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