Question: On July 1, 2020, Academic Learning Services entered its second month of operations. On July 31, 2020, Breanne Allarie, the owner, finalized the company's records

On July 1, 2020, Academic Learning Services entered its second month of operations. On July 31, 2020, Breanne Allarie, the owner, finalized the company's records that showed the following items.

Accounts payable$2,650Accounts receivable4,300Cash3,900Computer equipment4,500Furniture4,100Breanne Allarie, capital, June 30, 2020*16,600Office rent expense4,800Owner's investments during July 20203,500Owner's withdrawals3,300Supplies2,200Textbook rental revenue530Tutoring revenue6,500Tutors' wages expense1,770Utilities expense910

*Hint: The ending capital balance for one period is the beginning capital balance for the next period.

Use the above information to prepare a July income statement.

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