FINANCIAL ACCOUNTING ASAP PLEASSE

FINANCIAL ACCOUNTING ASAP PLEASSE

QUESTION ONE: PREPARE; A- Accounting equation (10 points), B- the Income Statement (10 points), C-Statement of Cash Flows (10 points) and D- Balance Sheet (10 points) for the month ended October 31, 2020. Atel's Accounting Company has the following account balances: Cash, $5,000; Accounts Receivable, $2,000; Prepaid Rent $1,500; Supplies, $850; Equipment, $6,000; Trucks, $15,000; Accounts Payable, $2,500; Common Stock, $20,000; Retained Earnings $7,850. Business transactions during December 2020 are presented as follows: 1. Company received cash from clients for services, $4,500 2. Atel paid to creditors $500, 3. Paid office rent for the month of December, $750, 4. Company billed client for accounting services on account, $5,200 5. Supplies were purchased on account, $650, 6. Company received cash from clients billed previously, $6,000 7. Atel received an invoice for office equipment repair services from Office Extra for December (the invoice will be paid next month), $850, 8. Atel paid monthly salaries, $2,700, 9. Utilities expense were paid, $280, 10. Miscellaneous expense were paid, $350, 11. Dividends were paid, $550