From the information given below, prepare a November income statement, a November statement of owners equity, and a November 30 balance sheet. On November 1 of the current year, Lois Bell began Lois Bell, Interior Design with an initial investment of $50,000 cash. On November 30, her records showed the following (alphabetically arranged) items and amounts.

Accounts payable.	$12,000	Office furnishings..	$40,000
Accounts receivable.	23,000	Owner's withdrawals.	6,000
Cash	17,200	Rent expense	3,600
Fees earned (same as Revenue earned).	30,000	Salaries expense.	6,200
Notes payable	4,250	Telephone expense.	250

3. From the information given below, prepare a November income statement, a November statement of owner's equity, and a November 30 balance sheet. On November 1 of the current year, Lois Bell began Lois Bell, Interior Design with an initial investment of $50,000 cash. On November 30, her records showed the following (alphabetically arranged) items and amounts. Accounts payable..... Accounts receivable... Cash........ Fees earned (same as Revenue earned).......... Notes payable... $12,000 Office furnishings...... 23,000 Owner's withdrawals... 17,200 Rent expense... $40,000 6,000 3,6001 30,000 Salaries expense......... 4,250 Telephone expense...... 6,200 250