An analysis of transactions for Star & Co. for July 2021 was presented in E1.13.

Instructions

Prepare an income statement and statement of owner?s equity for July and a balance sheet at July 31.

E1.13

A tabular summary of the transactions for Star & Co., an accounting firm, for its first month of operations, July 2021, follows:

Transcribed Image Text:

Prepaid Accounts B. Star, B. Star, Accounts Cash + Receivable + Insurance + Equipment = Payable + Capital - Drawings + Revenues Expenses $6,000 8,000 1 $18,000 2 -4,000 -750 3,500 $24,000 $ 4,000 $750 $4,800 4 $8,300 5 -2,000 -2,000 6 -3,300 -3,300 -$800 Rent -800 1,350 8. -1,350 -2,700 Salaries -420 Utilities 9 -2,700 10 420