Business, 22.02.2021 18:50 ethanyayger
Life, Inc. experienced the following events in Year 1, its first year of operation:
1. Performed counseling services for $18,800 cash.
2. On February 1, Year 1, paid $12,600 cash to rent office space for the coming year.
3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone:
a. Record the events in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign.)
b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. (In statement of cash flows, cash outflows should be indicated with a minus sign.)
Answers: 3
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Life, Inc. experienced the following events in Year 1, its first year of operation:
1. Performed co...
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