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How do I solve this because it says its incomplete? 1. 2. 3. 4. Andy's Autobody Shop has the following balances at the beginning of
How do I solve this because it says its incomplete?
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Andy's Autobody Shop has the following balances at the beginning of September: Cash, $10,400; Accounts Receivable, $1,200; Equipment, $36,500; Accounts Payable, $2,300; Common Stock, $20,000; and Retained Earnings, $25,800. a. Signed a long-term note and received a $99,200 loan from a local bank. b. Billed a customer $2,600 for repair services just completed. Payment is expected in 45 days. C. Wrote a check for $760 of rent for the current month. d. Received $420 cash on account from a customer for work done last month. e. The company incurred $420 in advertising costs for the current month and is planning to pay these costs next month. Required: 1. Prepare journal entries for the above transactions, which occurred during a recent month. 2. Prepare an income statement. 3. Prepare a statement of retained earnings. 4. Prepare a classified balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 No Transaction General Journal Debit Credit 1 a. Cash 99,200 Notes Payable (long-term) 99,200 2 b. Accounts Receivable 2,600 Sales Revenue 2,600 3 C. Rent Expense 760 Cash 760 4 d. Cash 420 Accounts Receivable 420 5 e. 420 Advertising Expense Accounts Payable 420 ANDY'S AUTOBODY SHOP Income Statement For the month ended September 30 Revenues Service Revenue $ 2,600 Total Revenues 2,600 760 Rent Expense Advertising Expense 420 Total Expenses 1,180 1,420 Net Income $ ANDY'S AUTOBODY SHOP Statement of Retained Earnings For the month ended September 30 Retained Earnings, Sept. 1 $ 25,800 Add: Net Income 1,420 Retained Earnings, Sept. 30 $ 27,220 ANDY'S AUTOBODY SHOP Balance Sheet For the month ended September 30 Assets Assets Cash Accounts Receivable $ 109,260 3,380 36,500 149,140 Equipment Total Assets Total Assets $ 149, 140 Liabilities Liabilities Accounts Payable Notes Payable (long-term) $ 2,720 99,200 Total Liabilities 101,920 Total Liabilities 101,920 Stockholders' Equity Common Stock 20,000 25,800 Retained Earnings Total Stockholders' Equity 45,800 $ 147,720 Total Liabilities and Stockholders' EquityStep by Step Solution
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