Question: Preparing financial statements from a trial balance Required Using the trial balance provided above, prepare an income statement and statement of changes in equity for

Preparing financial statements from a trial balance

Required
Using the trial balance provided above, prepare an income statement and statement of changes in equity for the first year ended July 31, 2014, and a balance sheet at July 31, 2014.
Analysis Component: Prepare two different journal entries, including explanations that might have created the July 31, 2014, balance in Fees Earned of $117,000. Use July 31 2014, as the date for your entries.

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