Ex: (2) (15 marks, 5 marks on each statement) On Oct 1, King organized Real Answers, a new con ulting firm. On Oct 31,the company's records showed the following items. Required: prepare the Oct income statement, the owner's equity statement and the balance sheet. Cash- Acc. Receivable--- $11,500 12,000 Withdrawals------- Consulting fees earned- $2,000 14,000 Office supplies---- 24,437 Rent expense- 2,520 Land- 46,000 Salaries expense- 5,600 Office equipment-- 18,000 Telephone expense- 760 Acc. Payable- 25,037 Misc. expense- 580 Owner investments- 84,360