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Please create the following financial statements using the transaction below.
Income State, Statement of Retained Earnings, Balance Sheet and Statement of Cash Flows
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT |
3-Oct | | Equipment | 106 | 7,613.00 | |
| | Cash | 101 | | 7,613.00 |
5-Oct | | Accounts Receivable | 102 | 77,613.00 | |
| | Service Revenue | 113 | | 77,613.00 |
6-Oct | | Accounts Payable | 108 | 700.00 | |
| | Cash | 101 | | 700.00 |
7-Oct | | Prepaid Legal Expense | 105 | 1,200.00 | |
| | Cash | 101 | | 1,200.00 |
11-Oct | | Utilities Expense | 114 | 615.00 | |
| | Utilities Payable | 108 | | 615.00 |
11-Oct | | Cash | 101 | 10,000.00 | |
| | Accounts Receivable | 102 | | 10,000.00 |
11-Oct | | Telephone Expense | 115 | 350.00 | |
| | Accounts Payable | 108 | | 350.00 |
12-Oct | | Utilities Payable | 109 | 615.00 | |
| | Cash | 101 | | 615.00 |
14-Oct | | Dividends | 112 | 2,820.00 | |
| | Dividends Payable | 111 | | 2,820.00 |
17-Oct | | Legal Expense | 116 | 800.00 | |
| | Prepaid Legal Expense | 105 | | 800.00 |
18-Oct | | Dividends Payable | 111 | 4,800.00 | |
| | Cash | 101 | | 4,800.00 |
25-Oct | | Investment Shares of Company C | 106 | 30,000.00 | |
| | Cash | 101 | | 30,000.00 |
31-Oct | | Supplies Expense | 117 | 550.00 | |
| | Supplies | 103 | | 550.00 |
31-Oct | | Depreciation Expense | 118 | 87.67 | |
| | Accumulated Depreciation | 107 | | 87.67 |
31-Oct | | Cash Dividends | 112 | 75,000.00 | |
| | Cash | 101 | | 75,000.00 |
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Answer & Explanation
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