Pinehurst Company was formed in Year 1 and experienced the following accounting events during the year:...

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Pinehurst Company was formed in Year 1 and experienced the following accounting events during the year: 1. Issued common stock for $18,400 cash. 2. Earned cash revenue of $26,100. 3. Paid cash expenses of $22,100. These were the only events that affected the company during the year. Required: a. Show the effects of the above accounting events on the accounting equation (use appropriate element and account headings). b. Prepare an income statement for Year 1 and a balance sheet as of December 31, Year 1. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Show the effects of the above accounting events on the accounting equation (use appropriate element and account headings). Note: Enter any decreases to account balances with a minus sign. Leave cells blank if no input is needed. Event 1. 2. 3. + + + + + + Req B1 > Prev 12 of 19 Next Pinehurst Company was formed in Year 1 and experienced the following accounting events during the year: 1. Issued common stock for $18,400 cash. 2. Earned cash revenue of $26,100. 3. Paid cash expenses of $22,100. These were the only events that affected the company during the year. Required: a. Show the effects of the above accounting events on the accounting equation (use appropriate element and account headings). b. Prepare an income statement for Year 1 and a balance sheet as of December 31, Year 1. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Show the effects of the above accounting events on the accounting equation (use appropriate element and account headings). Note: Enter any decreases to account balances with a minus sign. Leave cells blank if no input is needed. Event 1. 2. 3. + + + + + + Req B1 > Prev 12 of 19 Next

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Heres how the accounting equation is affected by the accounting events for Pinehurst Compan... View the full answer