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.

Question

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The Answer of 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.

Fuller Company Was Formed in 2012 and Experienced the Following