Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet accounts), if any.

Reconstruct the journal entry for cash payments for inventory, incorporating the change in the related balance sheet accounts), if any.

Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet accounts), if any.

Reconstruct the journal entry for cash paid for operating expenses, incorporating the change in the related balance sheet accounts), if any.

Reconstruct the journal entry for the sale of equipment at a gain, incorporating the change in the related balance sheet account(s), if any.

Reconstruct the journal entry for income taxes expense, incorporating the change in the related balance sheet accounts), if any.

Reconstruct the entry to record the retirement of the $45,000 note payable at its $45,000 carrying (book) value in exchange for cash.

Reconstruct the entry for the purchase of new equipment.

Reconstruct the entry for the issuance of common stock.

Close all revenue and gain accounts to income summary.

Close all expense accounts to income summary.

Close Income Summary to Retained Earnings.

Reconstruct the journal entry for cash dividends paid.

ADDITIONAL INFORMATION

a. A $45,000 note payable is retired at its $45,000 carrying (book) value in exchange for cash.

b. The only changes affecting retained earnings are net income and cash dividends paid.

c. New equipment is acquired for $70,000 cash.

d. Received cash for the sale of equipment that had cost $58,000, yielding a $3,900 gain.

e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.

f. All purchases and sales of inventory are on credit.

ts Use the following financial statements and additional information. DELRAY INCORPORATED Comparative Balance Sheets eBook Assets Cash Accounts receivable, net Ask June 30, 2021 and 2020 2021 2020 $ 84,200 70,000 $ 47,000 55,000 Inventory Prepaid expenses Print Total current assets References Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 71,000 98,000 5,300 6,600 206,600 230,500 163,000 (42,000) $ 351,500 $ 34,000 7,000 151,000 (14,000) $ 343,600 $ 42,000 17,000 4,600 4,100 45,100 63,600 45,000 90,000 90,100 153,600 220,000 41,400 $ 351,500 160,000 30,000 5 343,600 Mc Graw