accounting 290 help please

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Business Finance

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Hello can you help me with this? Week 3 Quickbooks Alternative Assignment.docx

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Monster Music Company had the following transactions in March: a) Sold instruments to customers for $10,000; received $6,000 in cash and the rest on account The cost of the instruments was $7,000 b) Purchased $4,000 of new instruments inventory; paid $1,000 in cash and owed the rest on account c) Paid $600 in wages for the month d) Received a $200 bill for utilities that will be paid in April e) Received $1,000 from customers as deposits on orders of new instruments to be sold to the customers in April Prepare a cash income statement and an accrual based income statement O'Shea started the 2002 accounting period with $30,000 of assets (all cash), $18,000 of liabilities, and $4,000 of common stock. During the year, O'Shea earned cash revenues of $48,000, paid cash expenses of $32,000, and paid a cash dividend to stockholders of $2,000. O'Shea also acquired $10,000 of additional cash from the sale of common stock and paid $6,000 cash to reduce the liability owed to the bank. Prepare an income statement, statement of changes in stockholder equity, and balance sheet
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