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Please fill-In this Statement of changes in Equity chart with the a. through u. information as given below. Note that the Common Stock should equal

Please fill-In this Statement of changes in Equity chart with the a. through u. information as given below.

Note that the Common Stock should equal 5,000

the Retained Earnings must Equal 1,617

and total equity should be 6,617image text in transcribed

image text in transcribedimage text in transcribed

Statement of Changes in Equity a. Issued common stock for $5,000 cash b. Paid $1,200 cash for three months' rent: December 2019; January and February 2020 c. Purchased a used truck for $10,000 on credit (recorded as an account payable) d. Purchased $1,000 of supplies on credit. These are expected to be used during the month (recorded as expense) e. Paid $1,800 for a one-year truck insurance policy, effective December 1 f. Billed a customer $4,500 for work completed to date g. Collected $800 for work completed to date h. Paid the following expenses in cash: advertising, \$350; interest, $100; telephone, $75; truck operating, $425; wages, $2,500 i. Collected $2,000 of the amount billed in f above j. Billed customers $6,500 for work completed to date k. Signed a $9,000 contract for work to be performed in January 2020 I. Paid the following expenses in cash: advertising, \$200; interest, \$150; truck operating, $375; wages, $2,500 m. Collected a $2,000 advance on work to be done in January (the policy of the corporation is to record such advances as revenue at the time they are received) n. Received a bill for $100 for electricity used during the month (recorded as utilities expense). The following information relates to December 31, 2019: o. One month of the prepaid insurance has expired. p. The December portion of the rent paid on December 1 has expired. q. A physical count indicates that $350 of supplies is still on hand. r. The amount collected in transaction m is unearned at Decembe 31. s. Three days of wages for December 29,30 , and 31 are unpaid, amounting to $1,500. These will be paid in January. t. The truck has an estimated useful life of 4 years. u. Income taxes expense is $500. This amount will be paid in the next fiscal year

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