The accountant for Metal Main, Inc., posted adjusting entries

(a) through

(e) to the accounts at August 31, 2010. Selected balance sheet accounts and all the rev¬ enues and expenses of the entity follow in T-account form.

Requirements 1. Calculate balances in the accounts and use the appropriate accounts to pre¬ pare the income statement of Metal Main, Inc., for the year-ended August 31, 2010. List expenses in order from largest to smallest.
2. Were the 2010 operations successful? Give the reason for your answer.

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Accounts Receivable 19,200 (e) 2,250 Salary Payable Supplies Accumulated 2,200 (a) 1,600 Depreciation, Equipment 4,200 (b) 1,400 Accumulated Depreciation, Building 46,000 (c) 1,000 Service Revenue 6,400 (e) 2,250 (d) 2,500 Salary Expense Supplies Expense 13,500 (a) 1,600 (d) 2,500 Depreciation Expense, Equipment (b) 1,400 Depreciation Expense, Building (c) 1,000