A tabular summary of the transactions for Cullumber & Co., an accounting firm, for its first month of operations, July 2024, follows:

	Cash	+	Accounts Receivable	+	Prepaid Insurance	+	Equipment	=	Accounts Payable	+	B. Cullumber, Capital	-	B. Cullumber, Drawings	+	Revenues	-	Expenses
1	$18,000						$6,000				$24,000
2	-4,000						8,000		$4,000
3	-750				$750
4	3,500		$5,100												$8,600
5	-2,000								-2,000
6	-3,300												-$3,300
7	-800																-$800	Rent
8	1,350		-1,350
9	-3,900																-3,900	Salaries
10									530								-530	Utilities

Prepare income statement for July.

Answer rating: 100% (QA)

Sure Heres the income statement for Cullumber Co for the month of July ... View the full answer