The following ten transactions occurred during the July grand opening of the Pancake Palace. Assume all Retained Earnings transactions relate to the primary purpose of the business.

A. Calculate the ending balance for each account.
B. Create the income statement.
C. Create the statement of owner’s equity.
D. Create the balance sheet.

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123456 7 8 9 10 Ending Balance Assets Cash Inventory Equipment $50,000 (6,000) 1,250 (750) 3,200 (1,000) $6,000 $22,000 1,000 Liabilities Accounts Wages Payable Payable $22,000 600 175 $3,000 Owner's Equity Common Retained Stock Earnings $50,000 $ 1,250 (750) (600) (3,000) 3,200 (175)