Question: * * * B 2 , B 3 , and C Need to be answered, please place answer in its corresponding tables, thank you *

* * *

2,

3,

and C Need to be answered, please place answer in its corresponding tables, thank you

* * *

On January

1,

Year

1,

Jana started a small flower merchandising business that she named Jana

s Flowers. The company experienced the following events during the first year of operation:

Started the business by issuing common stock for $

10, 000

cash.

Paid $

7, 000

cash to purchase inventory.

Sold merchandise that cost $

4, 000

for $

9, 000

on account.

Collected $

8, 000

cash from accounts receivable.

Paid $

2, 000

for operating expenses.

Required:

.

Organize ledger accounts under an accounting equation and record the events in the accounts. In the last column of the table, provide appropriate account titles for the Retained Earnings amounts.

- 1 .

Prepare an income statement.

- 2 .

Prepare a balance sheet.

- 3 .

Prepare a statement of cash flows.

.

Since Jana sold inventory for $

9, 000,

she will be able to recover more than half of the $

10, 000

she invested in the stock. Do you agree with this statement?

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