| College Painters had the following account balances at 12/31/08. | |||
| Full service revenue Don't use plagiarized sources. Get Your Custom Essay on acounting prepare 460825 For $10/Page 0nly | 100,000 | Prepaid Rent | 1,000 |
| Retained earnings, January 1, 2008 | 15,000 | Painting supplies expense | 18,000 |
| Note payable, due June 2009 | 5,000 | Cash | 12,000 |
| Salaries payable | 2,500 | Note payable, due January 1, 2010 | 8,500 |
| Equipment | 40,000 | Employee advances receivable | 2,000 |
| Advertising expense | 3,500 | Salaries expense | 40,000 |
| Accounts payable | 4,000 | Accumulated depn – equipment | 5,000 |
| Painting prep revenue | 15,000 | Rent and utilities expense | 15,000 |
| Office supplies expense | 1,000 | Common Stock | 2,500 |
| Accounts receivable | 25,000 | ||
| Prepare, in good form, a classified balance sheet as of 12/31/08 and an income statement and a statement of | |||
| retained earnings for the year then ended. | |||
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