Question

From the following information, please prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet for the month of May of the current year.

Cash

$12,000



Accounts Receivable

16,000



Supplies

350



Equipment

16,500



Notes Payable



$13,000

Accounts Payable



12,000

S. Jones, Capital



18,000

S. Jones, Drawing

550



Service Revenue



6,000

Telephone Expense

350



Rent Expense

1,100



Advertising Expense

2,150





$49,000

$49,000

Answer 1

Answer:35,000

Explanation:

Answer 2

Answer:

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Explanation:

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