Business, 02.09.2021 19:20 kkelley9223

In Year 1, Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Lee incurred $39,000 of other operating expenses on account. Lee paid $31,000 of the accounts payable. Lee acquired $40,000 cash from the issue of common stock. The company invested $21,000 cash in the purchase of land. Required Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions.) Use the preceding information to answer the following questions: (Enter any decreases to account balances with a minus sign.) LEE INC Effect of Events on the General Ledger Accounts =| Liabilities | + Accounts Stockholders' Equity CommonEarnings Accounts LandPayabl Retained Event a. What amount of revenue will Lee report on the Year 1 income statement?

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In Year 1, Lee Inc. billed its customers $62,000 for services performed. The company collected $51,0...

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