Andys Autobody Shop has the following balances at the beginning of September: Cash, $9,600; Accounts...
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Accounting
Andys Autobody Shop has the following balances at the beginning of September: Cash, $9,600; Accounts Receivable, $1,200; Equipment, $33,500; Accounts Payable, $2,600; Common Stock, $20,000; and Retained Earnings, $21,700.
Signed a long-term note and received a $75,300 loan from a local bank.
Billed a customer $2,200 for repair services just completed. Payment is expected in 45 days.
Wrote a check for $840 of rent for the current month.
Received $470 cash on account from a customer for work done last month.
The company incurred $360 in advertising costs for the current month and is planning to pay these costs next month.
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