Question
The December 31, 2019, balance sheet of Tybee Corporation is provided below (in millions). Assets Liabilities and Shareholders Equity Cash $ 36 Accounts payable $
The December 31, 2019, balance sheet of Tybee Corporation is provided below (in millions). Assets Liabilities and Shareholders Equity Cash $ 36 Accounts payable $ 4 Accounts receivable 15 Interest payable 3 Supplies 6 Unearned revenue 16 Equipment 60 Note payable 20 Less: Acc. Dep.(12) 48 Contributed capital 50 Retained earnings 12 Total $105 Total $105 Transactions during 2020: Paid $5 for employee wages. Collected $10 cash from customers for work previously performed and billed. Purchased $2 of supplies for cash. Paid $3 to a vendor for supplies previously purchased on credit in December 2019. Paid the interest owed as of December 31, 2019. Completed $18 in services for customers, receiving 50 percent payment in cash and billing the remainder. Paid a cash dividend of $3.
Prepare journal entries.
As of 12/31/2020: Had performed 25 percent of the services for which it had been paid in advance. Owes $3 for interest that will be paid next month. Depreciated equipment in the amount of $4. Physical count of supplies reveals $3 on hand.
Prepare adjusting entries. Then provided an income statement, statement of retained earnings, and balance sheet pls! :)
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