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Required information On January 1, Year 1, the general ledger of a company includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land
Required information On January 1, Year 1, the general ledger of a company includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $ 25,600 7,000 4,900 68,000 $ 5,000 83,000 17,500 $105,500 $ 105,500 During Year 1, the following transactions occur: January 2 Purchase rental space for one year in advance, $11,400 ($950/month). January 9 Purchase additional supplies on account, $5,300. January 13 Provide services to customers on account, $27,300. January 17 Receive cash in advance from customers for services to be provided in the future, $5,500. January 20 Pay cash for salaries, $13,300. January 22 Receive cash on accounts receivable, $25,900. January 29 Pay cash on accounts payable, $5,800. 4. Prepare an income statement for the period ended January 31, Year 1. Income Statement For the year ended January 31, Year 1 4. Prepare an income statement for the period ended January 31, Year 1. Income Statement For the year ended January 31, Year 1 Revenues: Expenses: Total Expenses
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