The following transactions pertain to 2015, the first-year operations of Bailey Company. All inve…

The following transactions pertain to 2015, the first-year operations of Bailey Company. All inventory was started and completed during 2015. Assume that all transactions are cash transactions.

1. Acquired $4,700 cash by issuing common stock.

2. Paid $650 for materials used to produce inventory.

3. Paid $1,860 to production workers.

4. Paid $1,054 rental fee for production equipment.

5. Paid $140 to administrative employees.

6. Paid $110 rental fee for administrative office equipment.

7. Produced 330 units of inventory of which 220 units were sold at a price of $13 each.

Prepare and income and balance sheet.

 

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