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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 Preview

    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 ...

    Solution Summary

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