Based on the Trail Balance herein, Complete Strand Corps formal Income Statement and Classified Balance Sheet for the calendar year 2018

Posting to Ledgers (T accounts) DEBITS on the left side, CREDITS on the righ side NOTE: you didn't have to do this, just wanted to show you how it works Using JOURNAL ENTRIES (DEBITS & CREDITS), account for the following transactions (no explanations necessary): DEBLT CREDIT 1 Invested $50,000 to start the corporation Cash Common stock CASH- dobit 50,000 100,000 50.000 50,000 50,000 COMMON STOCK-------- debit credit $50,000 1 $50,000 10 50,000 credit 100.000 4 10,000 5 50,000 7 20,000 8 3 6 2 10 $100,000 End Balance Purchased $10,000 of supplies on account Supplies Account Payable 10,000 10,000 180,000 totals End Balance 250.00 70,000 3 Sold $200,000 of services, 50% on account Cash Accounts Receivable Revenue 100,000 100,000 ACCOUNTS RECEIVABLE debit credit 100,000 50,000 6 25,000 SUPPLIES --- debit 10,000 credit 9 200,000 50,000 totals End Balance 125000 75,000 4 End Balance 10,000 Paid wages of $100,000 Wage Expense Cash 100,000 100,000 ACCOUNTS PAYABLE debit credit 10,000 2 5 Purchased company vehicle. Cost $50,000. 20% down payment, borrowed remainder from the bank Vehicle Cash Note payable WAGE EXP.. debit 100,000 credit 50,000 10,000 40,000 10,000 End Balance End Balance 100,000 VEHICLE debit 6 credit Collected $50,000 from customers on account Cash Accounts receivable 50,000 50,000 New Folder RENT EXP. debit 30,000 credit End Balance 7 End Balance 30,000 Paid rent of $30,000; Insurance of $20,000 Rent Expense Insurance Expense Cash 30,000 20,000 50,000 NOTE PAYABLE debit 20,000 credit 40,000 5 8 INSURANCE EXP... credit 20,000 8 Paid the bank 50% of what is owed them Note payable Cash 20,000 20,000 End Balance End Balance 20,000 20,000 9 Sold additional services on account, $25,000 Accounts receivable Revenue REVENUES debit 25,000 25,000 credit 200,000 3 25,000 9 10 Invested additional$50,000 into the corporation Cash Common stock 50,000 225,000 End Balance 50,000 Total Debits = Total Credits 605,000 605,000 Preparing a Trial Balance (you didn't have to do, just wanted to show how it works): TRIAL BALANCE DEBLT CREDIT CASH 70,000 COMMON STOCK $100,000 SUPPLIES 10,000 ACCOUNTS RECEIVABLE 75,000 ACCOUNTS PAYABLE 10,000 WAGE EXPENSE 100,000 VEHICLE 50,000 ACCUMULATED DEPRECIATION 10,000 RENT EXPENSE 40,000 INSURANCE EXPENSE 20,000 NOTE PAYABLE (long-term) 20,000 DEPRECIATION EXP 10,000 REVENUES 235,000 TOTALS 375,000 375,000