Michael Plus owns a dental business called Plus Dental. He has recorded all the transactions for the month of August 2022.

The balances of the accounts are shown below.

Accounts Balance Accounts Payable $3,000 Accounts Receivable 800 Bank Loan 6,000 Cash 2,500 Equipment 8,000 Land 12,000 Maintenance Expense 300 Plus, Capital 11,600 Plus, Withdrawals 1,200 Prepaid Insurance 1,500 Rent Expense 600 Salaries Expense 2,500 Service Revenue 8,900 Telephone Expense 200 Travel Expense 400 Unearned Revenue 500


Required:
a) Using the information provided, prepare the income statement for Plus Dental for the month of August. (5 marks)

b) Prepare the statement of owner's equity for Plus Dental for the month of August. Michael did not make any investments in the business during the month. (3 marks) c) Prepare the balance sheet for Plus Dental as at August 31, 2022. 

Answer rating: 100% (QA)

a Income Statement for Plus Dental for the month of August 2022 Revenue Service Re... View the full answer