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At September 30, 2019 Mast Corporation reported the following unadjusted amounts for its accounts, each of...

At September 30, 2019 Mast Corporation reported the following unadjusted amounts for its accounts, each of which is considered to be a normal account balance.

              

Accounts Payable

$12,000

Accounts Receivable

1,000

Advertising Expense

400

Cash

84,000

Common Stock
Dividends

64,000
1,000

Equipment

60,000

Note Payable

36,000

Service Revenue

42,000

Retained Earnings

24,800

Supplies

1,400

Supplies Expense

600

Utilities Expense

2,000

Salaries and Wages Expense

28,400

During September, the following occurred:

1. Investors purchased 2,000 shares of stock for $5 per share.

2. A customer received consulting services for $7,000 and will pay this amount in full next month

3. The electricity bill for September arrived for $400 and was immediately paid in full.

Required:

1. Journalize transactions 1-3 if applicable

2. Prepare an Unadjusted Trial Balance (update balances with the transactions from 1.)

3. Prepare an Income Statement for September 30

4. Prepare a Statement of Retained Earnings for September 30

5. Prepare a Classified Balance Sheet for September 30

Solutions

Expert Solution

Answer to Question 1:

Answer to Question 2:

Answer to Question 2:

Answer to Question 3 and 4:

Answer to Question 5:

ekkarill92 answered 2 years ago
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