Prepare a balance sheet and income statement as a result of the following transactions: Deposit $3000...

Prepare a balance sheet and income statement as a result of the following transactions:

Deposit $3000 in a bank account
Rent a van at a cost of $400
Purchase a power sweeper for $900
Order 2000 circulars and paid the printer $120
Purchase $300 worth of cleaning supplies
Bought equipment worth $900; paid $200 now and will pay the balance later.
Earned $350 for washing windows
Received $900 in fees for work performed
Purchased supplies for $80, with cash
Hired a helper and paid him $240
Earned $400 in fees for work; payment will be received later.
Owner withdrew $1000 from the business for personal use
Received a phone bill for $20, and payment will be made later.
Paid the landlord $300
Received $2000 for work performed.

Expert Solution

ekkarill92 answered 2 years ago

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