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Please help me! An analysis of transactions made during July by NepCo, an Internet service provider, during its first month of operations is shown below.
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An analysis of transactions made during July by NepCo, an Internet service provider, during its first month of operations is shown below. Increases and decreases affecting revenues and expenses are explained. Stockholders' Equity Assets Accounts Receivable Supplies Liabilities Accounts Payable Cash +19,000 Equipment (a) (b) Comon Stock +19,000 Retained Earnings +750 (c) +6,200 - 750 Utilities expense +6,200 Service revenue (d) (e) -8,150 +1,200 +14,650 +6,500 +1,200 Service revenue (f) +700 (9) +700 -4,875 (1) -4.875 -3,660 -1,160 +1,860 4,215 -3,660 Wage expense -1,160 Rent expense (3) -1,860 700 14,650 3,075 19.000 1,830 2-b. Prepare a statement of retained earnings for July 31. NEPCO Statement of Retained Earnings Retained Earnings, July 1 Retained Earnings, July 31 Step by Step Solution
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