JLM Services was organized on August 1, 20Y5. A summary of the revenue and expense transactions for August are as follows:

Line Item Description	Amount
Fees earned	$690,400
Wages expense	352,100
Miscellaneous expense	22,800
Rent expense	68,300
Supplies expense	21,400

Prepare an income statement for the month ended August 31.

JLM Services
Income Statement
For the Month Ended August 31, 20Y5

Line Item Description	Amount	Amount
CashFees earnedOperating expenses		$- Select -
Operating Expenses:
Accounts payableAccounts receivableCashSales expenseWages expense	$- Select -
Accounts payableAccounts receivableCashPrepaid rentRent expense	- Select -
Accounts payableAccounts receivableCashSuppliesSupplies expense	- Select -
Accounts payableAccounts receivableCashMiscellaneous expensePetty cash	- Select -
Total operating expenses		Total operating expenses
Net incomeNet loss		$- Select -

Answer rating: 100% (QA)

To prepare the income statement for JLM Services for the month ended August 31 20Y5 well follow the ... View the full answer