Verizon LTE 10:08 AM 60% learn-us-east-1-prod-fleet01-xythos.s Sudduth Detailing, Inc. Additional Information 1. Assume Beginning Equity at December 1, 2018 was $0. 2. Journal Entries – please make the following entries for activity that will take place in January 2019: a. (1/3) Detailed a Ferrari b. (1/12) Received AL Power bill for $573.28, due Feb. 3rd c. (1/21) Received $1,200 in advance for a package detail to be performed in March d. (1/25) Purchased a new industrial steam cleaner for $3,000 cash e. (1/31) Record Monthly Depreciation of $450 Verizon LTE 10:08 AM 60% learn-us-east-1-prod-fleet01-xythos.s C 1 of 2 Sudduth Detailing Services, Inc. Adjusted Trial Balance December 31, 2018 Account Debit Credit No. Balances Balances 43,535 17,790 11 Cash Accounts Receivable 12 14 1,225 Supplies Prepaid Rent Prepaid Insurance Equipment Accumulated Depreciation–Equipment Accounts Payable 15 4,000 16 3,850 18 20,000 19 400 21 1,600 Salaries Payable 22 275 23 2,350 Unearned Fees 31 50,000 John Sudduth, Capital John Sudduth, Drawing 32 18,000 41 64,550 Detailing Services 51 3,575 Salary Expense Supplies Expense Rent Expense Depreciation Expense Insurance Expense Miscellaneous Expense 52 2,800 53 2,000 54 400 55 350 59 1,650 119,175 119,175 Sudduth Detailing, Inc. Additional Information 1. Assume Beginning Equity at December 1, 2018 was $0. Clule t ias for astiuitu that will take place in January 2019

Describe the process of preparing an income statement and a balance sheet, including the specific elements and formulas used in each statement.

How do we date our financial statements?   a Income Statement Specific date; Statement of Retained Earnings and Balance Sheet: Period of time.   b Income Statement Specific period of time; Statement of Retained Earnings and Balance Sheet: Specific date       c Income Statement and Statement of Retained Earnings: Specific date; Balance Sheet: Period of time.       d Income Statement and Statement of Retained Earnings: Period of time; Balance Sheet: Specific date.