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In: Accounting

Prepare a trial balance and financial statements. The accounts in the ledger of Bastin Delivery Service...

Prepare a trial balance and financial statements.

The accounts in the ledger of Bastin Delivery Service contain the following balances on July 31, 2017.

Accounts Receivable $13,400

Accounts Payable 8,400

Cash ?

Equipment 80,000

Maintenance and Repairs Expense 1,958 Insurance Expense 900

Accumulated Depreciation 20,640

Notes Payable (due 2020) 28,450

Prepaid Insurance 2,200

Service Revenue 15,500

Dividends 700

Common Stock 40,000

Salaries and Wages Expense 7,428

Salaries and Wages Payable 820

Retained Earnings (July 1, 2017) 5,200 Instructions:

1. Prepare a trial balance with the accounts arranged in financial statement order (assets, liabilities, equity, revenue, expense) and fill in the missing amount for Cash.

2. Prepare an income statement, a retained earnings statement, and a classified balance sheet for the month of July 2017.

Must be Prepared in Excel Worksheet.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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