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HWK20 - customers for the balance 09/25 Collected $425 from...

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Mike Bean opens a garden supply shop. During September, the first month of operation, he experienced the following events: 09/01 Owner contributes $7,500 in cash to capitalize the business 09/08 Purchased $2,500 in garden equipment/supplies on account, payable in 30 days. 09/15 Paid first month’s shop rent of $1,000. 09/17 Sold garden equipment that cost $800 for $1,100; collected $400 cash; billed
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Unformatted text preview: customers for the balance. 09/25 Collected $425 from customers on accounts. 09/28 Paid $500 to suppliers for parts purchased earlier this month. Requirements: 1. Prepare journal entries for the preceding transactions. 2. Prepare income statement for the month ended 09/30/XX 3. Prepare the balance sheet for 09/30/XX....
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