An analysis of transactions for Star & Co. for July 2014 was presented in E1-12.

Instructions

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

Data from E1-12

Transcribed Image Text:

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