I am needing help understanding the financial statements with the following data. I need a income statement, statement of retained earnings and a balance sheet.
the following business transactions in general journal entry form.
Identify each transaction by number. You may omit explanations of the
1. Stockholders invest $25,000 in cash in starting a real estate
office operating as a corporation.
2. Purchased $500 of supplies on credit (did not pay cash).
3. Purchased equipment for $15,000, paying $3,500 in cash and signed
a 30-day, $11,500, note payable.
4. Real estate commissions billed to clients amount to $4,000.
5. Paid $700 in cash for the current month’s rent.
6. Paid $250 cash on account for office supplies purchased in
7. Received a bill for $800 for advertising for the current month.
8. Paid $2,500 cash for office salaries.
9. Paid $1,200 cash dividends to stockholders.
Received a check for $2,000 from a client in payment on account for
commissions billed in transaction 4.