Preparing income statements and balance sheets
Using the information in 4.27, prepare:
In 4.27
July 2 Received $4400 from accounts receivable.
3 Paid $3000 of accounts payable.
4 Reduced mortgage by $30 000.
5 Sent invoice to customer $5600.
7 Purchased office equipment for cash $5200.
9 Recorded cash sales $5000.
10 Recorded credit sales $1800.
14 Paid office rent in cash $850.
23 Cash sales $1000.
31 Drawings by Jason Tink $1300.
a. An income statement for the period ending 31 July 2014
b. A balance sheet as at 31 July 2014.