Required: Refer to your answer for Problem 1-3. Prepare an income statement and a statement of...

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Required: Refer to your answer for Problem 1-3. Prepare an income statement and a statement of changes in equity for the month ended August 31, 2015. Label the revenue earned as Fees Earned. Prepare a balance sheet at August 31, 2015. ASSETS LIABILITIES EQUITY Accounts Prepaid Unearned Share Retained Cash Unused Supplies Truck Bank Loan Accounts Payable Сapital $ 3,000.00 Receivable Expenses Revenue Earnings 1 $ 3,000.00 10,000.00 $10,000.00 1 (8,000.00) $ 8,000.00 3 15,000.00 $ 15.000.00 4 (600.00) $ 600.00 5 2,000.00 2,000.00 $ 5,000.00 (250.00) $ 5,000.00 9 (250.00) 12 500.00 500.00 15 $ 1,000.00 (1,000.00) 16 (200.00) (200.00) (250.00) (2,800.00) 20 (250.00) 25 (2,800.00) 28 no effect 31 6,000.00 6,000.00 31 (500.00) 500.00 $ 18,900.00 $ 10,000.00 $ 600.00 $ 500.00 $ 8,000.00 $10,000.00 $ 250.00 $ 16,500.00 $ 3,000.00 $ 8,250.00 Cash $ 18,900.00 Bank Loan $ 10,000.00 Total Liabilities $ 26,750.00 10,000.00 Accounts Payable Total Equity Total Liabilities & Equity $ 38,000.00 Accounts Receivable 250.00 11,250.00 600,00 Unearned Revenue Prepaid Expenses Unused Supplies 16,500.00 500.00 Total Liabilities $ 26,750.00 Truck 8,000.00 Total Assets 38,000.00 Share Capita $ 3,000.00 Retained Earnings 8,250.00 Total Equity $ 11,250.00 ASSETS = LIABILITIES + CAPITAL Required: Refer to your answer for Problem 1-3. Prepare an income statement and a statement of changes in equity for the month ended August 31, 2015. Label the revenue earned as Fees Earned. Prepare a balance sheet at August 31, 2015. ASSETS LIABILITIES EQUITY Accounts Prepaid Unearned Share Retained Cash Unused Supplies Truck Bank Loan Accounts Payable Сapital $ 3,000.00 Receivable Expenses Revenue Earnings 1 $ 3,000.00 10,000.00 $10,000.00 1 (8,000.00) $ 8,000.00 3 15,000.00 $ 15.000.00 4 (600.00) $ 600.00 5 2,000.00 2,000.00 $ 5,000.00 (250.00) $ 5,000.00 9 (250.00) 12 500.00 500.00 15 $ 1,000.00 (1,000.00) 16 (200.00) (200.00) (250.00) (2,800.00) 20 (250.00) 25 (2,800.00) 28 no effect 31 6,000.00 6,000.00 31 (500.00) 500.00 $ 18,900.00 $ 10,000.00 $ 600.00 $ 500.00 $ 8,000.00 $10,000.00 $ 250.00 $ 16,500.00 $ 3,000.00 $ 8,250.00 Cash $ 18,900.00 Bank Loan $ 10,000.00 Total Liabilities $ 26,750.00 10,000.00 Accounts Payable Total Equity Total Liabilities & Equity $ 38,000.00 Accounts Receivable 250.00 11,250.00 600,00 Unearned Revenue Prepaid Expenses Unused Supplies 16,500.00 500.00 Total Liabilities $ 26,750.00 Truck 8,000.00 Total Assets 38,000.00 Share Capita $ 3,000.00 Retained Earnings 8,250.00 Total Equity $ 11,250.00 ASSETS = LIABILITIES + CAPITAL

Answer rating: 100% (QA)

Based on the given Accounting Equation Income Statement Statement of changes in equity and Balance Sheet is prepared as follows Income Statement for t... View the full answer