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Question 1: The accounts of Cotton Company follow with their normal balances at Dec 31, 2019. The accounts are listed in no particular order.
Accounts
Balance
Advertising Expense
1,100
Insurance Expense
8,000
Accounts Receivable
14,000
Salaries Payable
4,000
Share capital
29,000
Supplies
7,000
Accounts Payable
Utilities Payable
Long term debt
9,000
Cash
25,000
Equipment
28,000
Entertainment Expense
6,000
Utilities Expense
11,100
Salaries Expense
Dividends
Retained Earninos
e,
13,000
Service Revenue
55,100
Notes Receivables
5,000
Required:
1. Prepare the income statement for the month ended Dec 31, 2019.
2. Prepare the company's statement of changes in equity for the month ended Dec 31, 2019.
3. Prepare the balance sheet of Cotton Company at Dec 31, 2019.
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