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P company starts operations on 2 0 2 6 - 0 1 - 0 1 All of P s accounts start with balances of 0
P company starts operations on All of Ps accounts start with balances of Transactions during Issues common stock for $ cash Pays $ to purchases equipment. The equipment has a useful life of years Purchases $ of inventory on a count from a supplier Sells $ of merchandise for cash. Record revenue from the sale Record the cost of revenue for this sale. The cost of the product P sold was $ Borrows $ from a bank for years The interest rate on the note is and payable annually on July Received $ from customer for services it will perform next year Pays landlord $ for a year of rent beginning this month Adjusting entries at the end of the year Record depreciation expense for the year Record interest expense from to Record rent expense from to the Closing entries Record the entry to close all of the income statement accounts to Retained Earnings SE Financial Statements Prepare all the financial statements Income statement, Balance Sheet and Statement of Cash Flows for the year ending on December before the adjusting entries after the adjusting entries after the closing entry Which of the following statements are correct for items on your updated spreadsheet for the year ended more than one answer may be correct Net Change in Cash is $ Net Change in Cash is $ Deferred Revenue L is $ Note Payable L is $ Revenue R is $ Total Longterm Assets is $ Cash from Financing Activities is $ Interest Payable L is $ PropertyPlantEquipment A is $ Interest Expense E is $ Note Payable L is $ Total Equity is $ Total Current Liabilities is $ Prepaid Rent Expense A is $ Depreciation Expense E is $ Total Equity is $ PropertyPlantEquipment A is $ Inventory A is $ Current Ratio is Total Current Liabilities is $
P company starts operations on
All of Ps accounts start with balances of
Transactions during
Issues common stock for $ cash
Pays $ to purchases equipment. The equipment has a useful life of years
Purchases $ of inventory on a count from a supplier
Sells $ of merchandise for cash. Record revenue from the sale
Record the cost of revenue for this sale. The cost of the product P sold was $
Borrows $ from a bank for years
The interest rate on the note is and payable annually on July
Received $ from customer for services it will perform next year
Pays landlord $ for a year of rent beginning this month
Adjusting entries at the end of the year
Record depreciation expense for the year
Record interest expense from to
Record rent expense from to the
Closing entries
Record the entry to close all of the income statement accounts to Retained Earnings SE
Financial Statements
Prepare all the financial statements Income statement, Balance Sheet and Statement of Cash Flows for the year ending on December
before the adjusting entries
after the adjusting entries
after the closing entry
Which of the following statements are correct for items on your updated spreadsheet for the year ended more than one answer may be correct
Net Change in Cash is $
Net Change in Cash is $
Deferred Revenue L is $
Note Payable L is $
Revenue R is $
Total Longterm Assets is $
Cash from Financing Activities is $
Interest Payable L is $
PropertyPlantEquipment A is $
Interest Expense E is $
Note Payable L is $
Total Equity is $
Total Current Liabilities is $
Prepaid Rent Expense A is $
Depreciation Expense E is $
Total Equity is $
PropertyPlantEquipment A is $
Inventory A is $
Current Ratio is
Total Current Liabilities is $
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