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Andys Autobody Shop has the following balances at the beginning of September: Cash, $9,600; Accounts...

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Accounting

Andys Autobody Shop has the following balances at the beginning of September: Cash, $9,600; Accounts Receivable, $1,200; Equipment, $33,500; Accounts Payable, $2,600; Common Stock, $20,000; and Retained Earnings, $21,700.

  1. Signed a long-term note and received a $75,300 loan from a local bank.
  2. Billed a customer $2,200 for repair services just completed. Payment is expected in 45 days.
  3. Wrote a check for $840 of rent for the current month.
  4. Received $470 cash on account from a customer for work done last month.
  5. The company incurred $360 in advertising costs for the current month and is planning to pay these costs next month.

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