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PART 1
GIVEN: John Smith established John's Antique Appraisals Company and completed the following transactions during July, the first month of operations.John Smith starts with $25,000 in cash.Opened a business bank account with a deposit of $30,000 in exchange for capital stock.Purchased a car for use in the business, paid $5,000 down (from the business account) and signed a note for $40,000.Paid $3,000 monthly rent on office.Signed a business cell phone plan. Paid $800 for the first month.Purchased $4,000 of office supplies on account.Received $61,000 in cash from customers for appraisals completed.Paid $2,000 of the office supplies bill from (5).Paid employee salaries of $20,000.Billed customers for $50,000 of appraisal performed.Paid dividends of $6,500.Collected $30,000 cash on account for appraisals billed in (9).Paid $2,000 travel expenses and $400 miscellaneous expenses.
PART 2
Prepare an income statement, retained earnings statement, and statement of cash flow for the month of July. Prepare a balance sheet for July 31st.
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