Andrew Martin started Global Filter Corp. early this year. For the first few months of the company's life (through July) the accounting records were maintained by an outside bookkeeping service. According to those records, the share capital balance was $125,000 as of July 31. To save on expenses Andrew decided to keep the records himself. He managed to record August's transactions properly, but was a bit rusty when the time came to prepare the financial statements. His first versions of the balance sheet and income statement follow.