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Bulldog Merchandise started a new business in January and had following transactions: Jan. 1 Issued common stock in exchange for $ 1 0 3 ,
Bulldog Merchandise started a new business in January and had following transactions:
Jan. Issued common stock in exchange for $ cash.
Purchased inventory on account for $the perpetual inventory system is used
Paid an insurance company $ for a oneyear insurance policy.
Sold merchandise on account for $ The cost of the merchandise was $
Borrowed $ from a local bank and signed a note. Principal and interest at is to be repaid in six months.
Paid employees $ salaries and wages for the first half of the month.
Sold merchandise for $ cash. The cost of the merchandise was $
Purchased $ office supplies on account.
Paid $ to suppliers for the merchandise purchased on January
Collected $ on account from customers.
Paid $ to the local utility company for January gas and electricity.
Paid $ rent for the building. $ was for January rent, and $ for February rent
There was $ worth of office supplies available at the end of January
Required:
Record the above transactions in an Excel sheet using the Accounting Equation similar to what we practiced in class, that includes end of period adjusting entries, if any
Prepare income statement as of January similar to what we practiced in class.
Prepare balance sheet as of January similar to what we practiced in class.
The last question was answered as an outline, please make income statements, balance sheets, and any entries required. Please provide them in table format so I can replicate it into Excel. This needs to be speicifc, not a template.
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