From the partial work sheet for Major Advising below, prepare an income statement Major Advising Work Sheet (Partial) For Month Ended January 31, 20 Income Statement Balance Sheet Account Title Debit Credit Debit Credit Cash 1,326 Accounts Receivable 929 Supplies 357 Prepaid Insurance 827 Office Equipment 3,520 Accum Depr Office Equipment 219 Accounts Payable 1,050 Wages Payable 286 Ed Major, Capital 4,057 Ed Major, Drawing 895 Advising Fees 4,178 Wages Expense 655 Advertising Expense 99 Rent Expense 499 Supplies Expense 177 Phone Expense 73 Electricity Expense 58 Insurance Expense 86 Gas and Oil Expense 46 Depr ExpenseOffice Equipment 219 Miscellaneous Expense 24 1,936 4,178 7,854 5,612 Net Income 2,242 2,242 4,178 4,178 7,854 7,854 1 From the partial work sheet for Major Advising, prepare an income statement Major Advising Income Statement For Month Ended January 31, 20 Assets Drawing Expenses Liabilities Revenue Accounts receivableAdvising feesCashEd Major, CapitalInsurance expenseMiscellaneous expense $ Select Assets Drawing Expenses Liabilities Revenue Advising feesCashEd Major, DrawingOffice equipmentSuppliesWages expense $ Select Advertising expenseAdvising feesCashEd Major, DrawingOffice equipmentPrepaid insurance Select Accounts receivableCashEd Major, CapitalPrepaid insuranceRent expenseSupplies Select Accounts payableAdvising feesEd Major, DrawingOffice equipmentSupplies expenseWages payable Select Accounts receivableCashEd Major, CapitalPhone expenseSuppliesWages payable Select Accounts payableAccum Depr office equipmentCashEd Major, CapitalElectricity expenseSupplies Select Accounts receivableAdvising feesEd Major, DrawingInsurance expensePrepaid insuranceWages payable Select Accum Depr office equipmentCashEd Major, CapitalGas and oil expenseSuppliesWages payable Select Accounts payableAdvising feesCashDepreciation expense office equipmentEd Major, DrawingPrepaid insurance Select Accounts receivableAccum Depr office equipmentMiscellaneous expenseOffice equipmentSuppliesWages payable Select Total assetsTotal expensesTotal liabilitiesTotal revenuesTotal shareholder's equity Select Net incomeNet loss $ Select

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Question: . From the partial work sheet for Major Advising below, prepare an income statement. Major Advising Work Sheet (Partial) For Month Ended January 31, 20

. From the partial work sheet for Major Advising below, prepare an income statement.

Major Advising Work Sheet (Partial) For Month Ended January 31, 20 --
	Income Statement		Balance Sheet
Account Title	Debit	Credit	Debit	Credit
Cash			1,326
Accounts Receivable			929
Supplies			357
Prepaid Insurance			827
Office Equipment			3,520
Accum. Depr.Office Equipment				219
Accounts Payable				1,050
Wages Payable				286
Ed Major, Capital				4,057
Ed Major, Drawing			895
Advising Fees		4,178
Wages Expense	655
Advertising Expense	99
Rent Expense	499
Supplies Expense	177
Phone Expense	73
Electricity Expense	58
Insurance Expense	86
Gas and Oil Expense	46
Depr. ExpenseOffice Equipment	219
Miscellaneous Expense	24
	1,936	4,178	7,854	5,612
Net Income	2,242			2,242
	4,178	4,178	7,854	7,854

1. From the partial work sheet for Major Advising, prepare an income statement.

Major Advising Income Statement For Month Ended January 31, 20--
Assets:Drawing:Expenses:Liabilities:Revenue:
Accounts receivableAdvising feesCashEd Major, CapitalInsurance expenseMiscellaneous expense		$- Select -
Assets:Drawing:Expenses:Liabilities:Revenue:
Advising feesCashEd Major, DrawingOffice equipmentSuppliesWages expense	$- Select -
Advertising expenseAdvising feesCashEd Major, DrawingOffice equipmentPrepaid insurance	- Select -
Accounts receivableCashEd Major, CapitalPrepaid insuranceRent expenseSupplies	- Select -
Accounts payableAdvising feesEd Major, DrawingOffice equipmentSupplies expenseWages payable	- Select -
Accounts receivableCashEd Major, CapitalPhone expenseSuppliesWages payable	- Select -
Accounts payableAccum. Depr.-office equipmentCashEd Major, CapitalElectricity expenseSupplies	- Select -
Accounts receivableAdvising feesEd Major, DrawingInsurance expensePrepaid insuranceWages payable	- Select -
Accum. Depr.-office equipmentCashEd Major, CapitalGas and oil expenseSuppliesWages payable	- Select -
Accounts payableAdvising feesCashDepreciation expense-office equipmentEd Major, DrawingPrepaid insurance	- Select -
Accounts receivableAccum. Depr.-office equipmentMiscellaneous expenseOffice equipmentSuppliesWages payable	- Select -
Total assetsTotal expensesTotal liabilitiesTotal revenuesTotal shareholder's equity		- Select -
Net incomeNet loss		$- Select -

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