On July 1, 2014, Windsor Learning Services entered its second month of operations. On July 31, 2014, Milton Windsor, the owner, finalized the company's records that showed the following items. Use this information to prepare a July income statement similar to Exhibit 1.8.

Transcribed Image Text:

S1,500 2,000 1,600 2,200 1,800 Owner's investments during Accounts payable Accounts receivable Cash Computer equipment2 Furniture Milton Windsor, capital,.... July 2014 Owner's withdrawals Supplies 1,200 1,000 1,280 300 4,200 Tutors' wages expense1,540 680 Tutoring fees earned June 30, 2014" Office rent expense 7,400 2,500 Utilities expense