The Terry Company recently reported the following: Balance Sheet at Dec. 31, 2019 Assete Cash Accounts...

 

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The Terry Company recently reported the following: Balance Sheet at Dec. 31, 2019 Assete Cash Accounts receivable Property and equipment Total Assets 18,600 2,800 337,230 358,630 Liabilities and Equity Accounts payable Notos payable 10,830 20,000 Common stock Retained eamings Total Liabilities and Equity 40,000 287,800 358,630 Required: a. In 2020, the company had the following transactions: Borrowed $3,000 from a bank Sold $180,000 of services to customers Paid $3,200 for advertising Paid $92,000 in employee payroll Made a payment on a bank loan for $2,500 1. 2. 3. 4. 5. Purchased $3,400 of equipment Paid $14,000 in rent Received $1,500 from customers on account Pald $800 owed to suppliers 10. Paid $1,200 in dividends to owners 6. 7. 8. 9. Prepare a tabular analysis for 2020 then record all the transactions above. b. Prepare statement of cash flows, income statement, statement of retained eanings and balance for the company for 2020. The Terry Company recently reported the following: Balance Sheet at Dec. 31, 2019 Assete Cash Accounts receivable Property and equipment Total Assets 18,600 2,800 337,230 358,630 Liabilities and Equity Accounts payable Notos payable 10,830 20,000 Common stock Retained eamings Total Liabilities and Equity 40,000 287,800 358,630 Required: a. In 2020, the company had the following transactions: Borrowed $3,000 from a bank Sold $180,000 of services to customers Paid $3,200 for advertising Paid $92,000 in employee payroll Made a payment on a bank loan for $2,500 1. 2. 3. 4. 5. Purchased $3,400 of equipment Paid $14,000 in rent Received $1,500 from customers on account Pald $800 owed to suppliers 10. Paid $1,200 in dividends to owners 6. 7. 8. 9. Prepare a tabular analysis for 2020 then record all the transactions above. b. Prepare statement of cash flows, income statement, statement of retained eanings and balance for the company for 2020.