After you prepare journal entries, prepare an August 31 trial balance for Pose for Pic. (Use the working papers Template in canvas to setup the trial balance)2. Carmen Camry operates a consulting firm called Help Today, which begin operations on August 1. On August 31, the company records show the following accounts and amounts for the month of August. Use this information to prepare an August income statement, Statement of Owner’s Equity, and Balance sheet for the business. The owner invested $102,000 in the company on August 1st.Cash$25,360C. Camry, Withdrawals$6,000Accounts Receivables22,360Consulting Fee Earned27,000Office Supplies5,250Rent Expense9,550Land44,000Salaries Expense5,600Office Equipment20,000Telephone Expense860Accounts Payable10,500Miscellaneous Expenses520

College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter3: The General Journal And The General Ledger
Section: Chapter Questions
Problem 3A: What Do You Think? You work as an accounting clerk. You have received the following information...
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After you prepare journal entries, prepare an August 31 trial balance for Pose for Pic. (Use the working papers Template in canvas to setup the trial balance)2. Carmen Camry operates a consulting firm called Help Today, which begin operations on August 1. On August 31, the company records show the following accounts and amounts for the month of August. Use this information to prepare an August income statement, Statement of Owner’s Equity, and Balance sheet for the business. The owner invested $102,000 in the company on August 1st.Cash$25,360C. Camry, Withdrawals$6,000Accounts Receivables22,360Consulting Fee Earned27,000Office Supplies5,250Rent Expense9,550Land44,000Salaries Expense5,600Office Equipment20,000Telephone Expense860Accounts Payable10,500Miscellaneous Expenses520

Expert Solution
Step 1 PREPARATION OF INCOME STATEMENT -
PARTICULARS AMOUNT PARTICULARS AMOUNT
TO OFFICE SUPPLIES  $5250 CONSULTING FEE EARNED $27000
TO RENT EXPENSES $9550    
TO SALARIES  $5600    
TO TELEPHONE EXPENSES $860    
TO MISCELLANEOUS  EXP $520    
TO NET PROFIT $5220    
       
  $27000   $27000
       
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