The accounts in the ledger of Sun Delivery Service contain the following balances on July 31, 2014. Accounts Receivable $8,000 Prepaid Insurance $ 2,000 Accounts Payable 7,900 Maintenance and Repairs Expense 1,200 Cash 15,940 Service Revenue 15,500 Equipment 59,360 Dividends 800 Utilities Expense 950 Common Stock 40,000 Insurance Expense 600 Salaries and Wages Expense 8,400 Notes Payable, due 2017 31,450 Salaries and Wages Payable 900 Retained Earnings 5,200 (July 1, 2014) Instructions

Prepare an income statement and a retained earnings statement for the month of July 2014, and a classified balance sheet for July 31.

Answer rating: 100% (QA)

Income for the month of statement July Service Revenue Less Salaries and Wages expen... View the full answer