Salaries expense .......3,000Consulting revenue.... 12,000Cash......8,000Utilities expense..Note payable....Accounts receivable........ $3,500A. Lopez, Withdrawals..... 2,000Office supplies......Rental revenue..... 200.2,400.1,500500Advertising expense..Prepaid insurance..Accounts payable...... $1,300..400.1,000Note receivable... 2,500Rent expense..Unearned revenue.......3002,000Required1. Prepare a March income statement for the business.

The income statement is an essential part of the financial statements of the company. It is prepared…

Salaries expense.......3,000 Consulting revenue..... 12,000 ....8,000 Cash...... Utilities expense.. Note payable.... Accounts receivable....... $3,500 A. Lopez, Withdrawals....... 2,000 Office supplies..... 200 .2,400 . 1,500 Rental revenue.. .500 Advertising expense... . 400 Prepaid insurance.. . 1,000 Accounts payable....... $1,300 Note receivable... Rent expense..... Unearned revenue..... Required 1. Prepare a March income statement for the business. . 2,500 .2,000 ..300

Salaries expense.......3,000 Consulting revenue..... 12,000 ....8,000 Cash...... Utilities expense.. Note payable.... Accounts receivable....... $3,500 A. Lopez, Withdrawals....... 2,000 Office supplies..... 200 .2,400 . 1,500 Rental revenue.. .500 Advertising expense... . 400 Prepaid insurance.. . 1,000 Accounts payable....... $1,300 Note receivable... Rent expense..... Unearned revenue..... Required 1. Prepare a March income statement for the business. . 2,500 .2,000 ..300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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