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Unformatted text preview: Revenue – Expenses = Net Income Retained Earnings Statement Beginning RE + Net Income OR - - Dividends = Ending RE Balance Sheet Assets = Liabilities + Stockholder’s Equity (Common Stock + Retained Earnings ) Prepare financial statements for Jenkins Investments. Listed before are the accounts and their balances at the end of the first month of business, December. 2003. Accounts Payable $ 3,200 Accounts Receivable 9,800 Cash 4,500 Common Stock 4,500 Dividends 500 Equipment 14,900 Notes Payable 7,000 Rent Expense 5,000 Salary Expense 24,000 Service Revenue 45,800 Supplies 1,300 Utility Expense 500...
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This note was uploaded on 03/28/2010 for the course ACCT 2101 taught by Professor Smith during the Spring '08 term at Georgia Perimeter.
- Spring '08