P3-3A Analyze transactions and prepare an income statement, retained earnings statement, and balance sheet Bindy Crawford created a corporation providing legal services, Bindy Crawford Inc., on July 1, 2017. On July 31, the balance sheet showed Cash $4,000; Accounts Receivable $2,500; Supplies $500; Equipment $5,000; Accounts Payable $4,200; Common Stock $6,200; and Retained Earnings $1,600. During August, the following transactions occurred. Aug Instructions (a) (b) 1 4 9 15 19 23 26 Collected $1,100 of accounts receivable due from customers. Paid $2,700 cash for accounts payable due. Performed services worth $5,400 of which $3,600 is collected in cash and the balance is due in September. Purchased additional office equipment for $4,000, paying $700 in cash and the balance on account. Paid salaries $1,400, rent for August $700, and advertising expenses $350. Paid a cash dividend of $700. Borrowed $5,000 from Standard Federal Bank; the money was borrowed on a 4-month note payable. 31 Incurred utility expenses for the month on account $380. Prepare a tabular analysis of the August transactions beginning with July 31 balances. The column headings should be Cash + Accounts Receivable + Supplies + Equipment = Notes Payable + Accounts Payable + Common Stock + Retained Earnings + Revenue - Expenses - Dividends. Include margin explanations for any changes in Retained Earnings. Prepare an income statement for August, a retained earnings statement for August, and a classified balance sheet at August 31. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". I need you guys updated this number on the exercise and complete the exercise. 2 41 3 After you have completed P3-3A, consider the following additional question 4561 Assume that salaries and wages payable and the amount borrowed from the bank changed to $1,600 and $7,500 respectively. P3-3A Analyze transactions and prepare an income statement, retained earnings statement, and balance sheet Bindy Crawford created a corporation providing legal services, Bindy Crawford Inc., on July 1, 2017. On July 31, the balance sheet showed Cash $4,000; Accounts Receivable $2,500; Supplies $500; Equipment $5,000; Accounts Payable $4,200; Common Stock $6,200; and Retained Earnings $1,600. During August, the following transactions occurred. Aug Instructions (a) (b) 1 4 9 15 19 23 26 Collected $1,100 of accounts receivable due from customers. Paid $2,700 cash for accounts payable due. Performed services worth $5,400 of which $3,600 is collected in cash and the balance is due in September. Purchased additional office equipment for $4,000, paying $700 in cash and the balance on account. Paid salaries $1,400, rent for August $700, and advertising expenses $350. Paid a cash dividend of $700. Borrowed $5,000 from Standard Federal Bank; the money was borrowed on a 4-month note payable. 31 Incurred utility expenses for the month on account $380. Prepare a tabular analysis of the August transactions beginning with July 31 balances. The column headings should be Cash + Accounts Receivable + Supplies + Equipment = Notes Payable + Accounts Payable + Common Stock + Retained Earnings + Revenue - Expenses - Dividends. Include margin explanations for any changes in Retained Earnings. Prepare an income statement for August, a retained earnings statement for August, and a classified balance sheet at August 31. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". I need you guys updated this number on the exercise and complete the exercise. 2 41 3 After you have completed P3-3A, consider the following additional question 4561 Assume that salaries and wages payable and the amount borrowed from the bank changed to $1,600 and $7,500 respectively.