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In December 2012, Milly Newton opened an organic dry-cleaning shop. The financial statement effects template below shows transactions for the month (a through i) and accounting adjustments (i through iv).
Required:
a. Prepare trial balance for December 31, 2012.
b. Prepare an income statement for Milly Newton’s first month of operations.
c. Prepare a balance sheet for December 31, 2012.
Balance Sheet
Income Statement
Transaction
Cash Asset
+
Noncash Assets
=
Liabil-
ities
Contrib. Capital
Earned
Capital
Rev-enues
–
Expen-ses
Net
Income
+12,000
+72,000
(Equipment)
+84,000
(Common
Stock)
-2,760
+2,400
(Supplies)
-360
Retained
Earnings)
+360
(Phone
Expense)
+4,600
AP)
+800
(Retained
(Sales)
+530
(Unearned Revenue)
-4,000
+4,000
-3,000
+3,000 (Wages
Exp.)
+5,300
-4,200
(AP)
-1,600
(Retained Earnings)
+1,600 (Supplies Exp.)
1,600
-2,000
+2,000 (Depr’n Exp.)
+100
(Wages Payable)
-100
(Wages Exp.)
+1,200
(Rent Payable)
-1,200
+1,200 (Rent Exp.)
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