Dr$.$ Marty Gold, a local dentist, has the following account balances on August $31,$ Year $6.$ The income statement accounts represent revenues and expenses for the month of August. The name of the business is Marty Gold, Dentist.

The details available to you are:

M$.$ Gold, capital $($August $1))$  $ $42,000$

Accounts payable $7,000$

Equipment $30,000$

Service revenue $25,000$

M$.$ Gold, drawings $6,000$

Dental supplies expense $3,500$

Cash $8,000$

Utilities expense $700$

Dental supplies $2,800$

Salaries expense $7,000$

Accounts receivable $14,000$

Rent expense $2,000$

Required

a$.$ Prepare an income statement for the dental practice for the month of August.

b$.$ Prepare a statement of owner's equity for the dental practice for the month of August.

c$.$ Prepare a balance sheet for the dental practice for the month of August

 

Answer rating: 100% (QA)

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