Solved

Using the Following Accounting Equation Elements and Their Balances, Prepare

Question 224

Essay

Using the following accounting equation elements and their balances, prepare, in good form, an income statement for Heavenly Futures Company for the month ended August 31.?  Telephone expense $1,150 Cash 3,000 Accounts payable 1,540 Jason Heavenly, drawing 800 Fees earned 15,700 Rent expense 1,400 Supplies 140 Accounts receivable 1,500 Computer equipment 20,000 Jason Heavenly, capital (August 1) 14,320 Wages expense 4,800 Utilities expense 750 Notes payable 2,400 Office expense 420\begin{array} { l r } \text { Telephone expense } & \$ 1,150 \\\text { Cash } & 3,000 \\\text { Accounts payable } & 1,540 \\\text { Jason Heavenly, drawing } & 800 \\\text { Fees earned } & 15,700 \\\text { Rent expense } & 1,400 \\\text { Supplies } & 140 \\\text { Accounts receivable } & 1,500 \\\text { Computer equipment } & 20,000 \\\text { Jason Heavenly, capital (August 1) } & 14,320 \\\text { Wages expense } & 4,800 \\\text { Utilities expense } & 750 \\\text { Notes payable } & 2,400 \\\text { Office expense } & 420\end{array} ?

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents