146. Gilbert Company was formed in 2011 and experienced the following accounting events during the year:1. issued common stock for $20,000 cash2. earned cash revenue of $30,0003. paid cash expenses of...

146. Gilbert Company was formed in 2011 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 2011 and a balance sheet as of December 31, 2011.

147. Bluestone Company was founded on January 1, 2011. During 2011, the company experienced the following events:
1. earned cash revenue of $50,000
2. paid cash expenses of $41,000
3. issued common stock for $30,000 cash
4. paid cash dividend of $2,000 to owners.
Required: a) Write an accounting equation and record effects of each accounting event under appropriate general ledger account headings, showing dollar amounts of increases and decreases and totals at the end of the year.
b) Prepare the 2011 income statement and balance sheet for Bluestone Company.