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E1.8 An analysis of the transactions made by Kang & Co. A public accounting firm, for the month of August is shown below. The expenses were $560 for rent, $4.800 for salaries and wages, and $400 for utilities. Assets = Liabilities + Equity Issued shares Account Accounts Share Retained Earnings Cash + Receivable + Supplies + Equipm = Payable + Capital + Rev. Exp. - Dividen 1. +$15,000 + $15.000 2. -2,000 + $5,000 +$3,000 3. - 750 + $750 4. +4,600 + $4,500 + $9,100 5. -1,500 -1,500 6. -2,000 7. - $2,000 -650 -$650 8. +450 -450 9. -3,900 10. -3,900 +500 -500 Service Revenue Rent Expense Sal/Wage Exp E1.9 An analysis of transaction for Kang & Co. Was presented in E1.8. Instructions Prepare an income statement and a retained earnings statement for August and a statement of financial position at August 31, 2020. Assume that August is the company's first month of business