Fuller Company Was Formed in 2012 and Experienced the Following

question 53

Essay

Fuller Company was formed in 2012 and experienced the following accounting events during the year:
1.issued common stock for $20,000 cash.
2.earned cash revenue of $30,000.
3.paid cash expenses of $26,000.
These were the only events that affected the company during the year.
Required:
a)Write the accounting equation and record the effects of each accounting event under the appropriate general ledger account heading.
b)Prepare an income statement for 2012 and a balance sheet as of December 31,2012.

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Definitions:

Flickering

A rapid and unsteady flash or fluctuation of light, often creating a disorienting or distraction effect.

Infant

A very young child or baby, typically under one year of age.

Cortex

The outer layers of the brain in humans and other mammals. Most thinking, feeling, and sensing involves the cortex.

Outer Layers

Pertains to the exterior surfaces or coatings of an object, material, or biological entity, often protecting or enclosing more sensitive inner structures.