Question: I don't know what I am missing!!! Please help. The partial worksheet for the Lorado Insurance Agency for the month ended October 31, 20X1, is

I don't know what I am missing!!! Please help.

I don't know what I am missing!!! Please help. The partial worksheet

for the Lorado Insurance Agency for the month ended October 31, 20X1,

is shown below. The owner made no additional investments during the month.

Income Statement Debit Credit Account Name Cash Accounts receivable Supplies Equipment Accumulated

The partial worksheet for the Lorado Insurance Agency for the month ended October 31, 20X1, is shown below. The owner made no additional investments during the month. Income Statement Debit Credit Account Name Cash Accounts receivable Supplies Equipment Accumulated depreciation-Equipment Accounts payable Ashleigh Lorado, Capital Ashleigh Lorado, Drawing Fees income Salaries expense Sali Rent expense Supplies expense Depreciation expense-Equipment Totals Net income Balance Sheet Debit Credit 9,000 11,000 5,500 30,000 8,000 9,000 32,000 2,000 23,300 12,200 1,000 600 1,000 14,800 8,500 23,300 23,300 57,500 49,000 8,500 23,300 57,500 57,500 Prepare an income statement, a statement of owner's equity, and a balance sheet for the Lorado Insurance Agency for the month ended October 31, 20X1. Complete this question by entering your answers in the tabs below. Income Statement Owners Equity Balance Sheet Complete this question by entering your answers in the tabs below. Income Statement Owners Equity Balance Sheet Prepare an income statement for the Lorado Insurance Agency for the month ended October 31, 20X1. LORADO INSURANCE AGENCY Income Statement Month Ended October 31, 20X1 Revenue Fees income $ 23,300 Expenses Salaries expense 12,200 Rent expense 1,000 600 Supplies expense Depreciation expense-equipment 1,000 Total expenses 14,800 8,500 Net income $ Income Statement Owners Equity Balance Sheet Prepare a statement of owner's equity for the Lorado Insurance Agency for the month ended October 31, 20X1. LORADO INSURANCE AGENCY Statement of Owner's Equity Month Ended October 31, 20X1 Ashleigh Lorado, Capital, Oct. 1, 20X1 Net income for October $ 32,000 8,500 Less: Withdrawals for October (2,000) Increase in capital 6,500 38,500 $ LORADO INSURANCE AGENCY Balance Sheet October 31, 20X1 Assets Cash $ 9,000 Accounts receivable 11,000 5,500 Supplies Equipment Less: Accumulated depreciation $ 30,000 8,000 22,000 47,500 Total Assets $ Liabilities and Owner's Equity Liabilities Accounts payable $ 9,000 Owner's Equity Ashleigh Lorado, Capital $ 38,500 Total Liabilities and Owner's Equity $ 47,500

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