The following ten transactions occurred during the July grand opening of the Pancake Palace. Assume all Retained

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The following ten transactions occurred during the July grand opening of the Pancake Palace. Assume all Retained Earnings transactions relate to the primary purpose of the business.

123456 7 8 9 10 Ending Balance Assets Cash Inventory Equipment $50,000 (6,000) 1,250 (750) 3,200 (1,000)

A. Calculate the ending balance for each account.
B. Create the income statement.
C. Create the statement of owner’s equity.
D. Create the balance sheet.

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Principles Of Accounting Volume 1 Financial Accounting

ISBN: 9781593995942

1st Edition

Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax

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