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Journal Entries, Income statement, balance sheet

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Ive been working on this for an hour but i cant get it to balance!!

Using the information provided, prepare journal entries, a balance sheet and an income statement using the accrual basis of accounting

please state all assumptions


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Solution Summary

The expert examines journal entries, income statements and balance sheets.

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1. Cash 105,000
Paid-in capital 105,000
2. Store equipment 24,000
Cash 24,000
(depreciation is then 24,000/10 = 2,400 annually, or 1,200 for 6 months)
Depreciation 1,200
Store equipment 1200

3. Prepaid rental ...

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