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Use the Trial Balance Information for Douglas Distinctive Services to complete an Income Statement, Statement of Owners Equity and Balance Sheet for year ended December 31,20__

a) Mr. Douglas invested $25,000 cash in the business.
b) Purchased equipment worth $7,000 with a $500 down payment. The remainder is due in 30
days.
c) Paid $900 cash for a six-month insurance policy.
d) Received $3,000 cash from customers for services rendered.
e) Paid wages, $1,750.
f) Received and paid advertising bill of $100.
g) Performed services worth $2,500 for credit customers.
h) Received $1,700 cash from customers previously billed on account.
i) Mr. Douglas withdrew $5,300 cash for personal use.
j) Paid utility bill, $205.
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Transcribed Image Text:a) Mr. Douglas invested $25,000 cash in the business. b) Purchased equipment worth $7,000 with a $500 down payment. The remainder is due in 30 days. c) Paid $900 cash for a six-month insurance policy. d) Received $3,000 cash from customers for services rendered. e) Paid wages, $1,750. f) Received and paid advertising bill of $100. g) Performed services worth $2,500 for credit customers. h) Received $1,700 cash from customers previously billed on account. i) Mr. Douglas withdrew $5,300 cash for personal use. j) Paid utility bill, $205.
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