Record the revenue and expense transactions

Question

Response to the following problem:

Idyllwild Services was organized on August 1, 2010. A summary of the revenue and expense transactions for August follows:

Fees earned                       $800,000

Wages expense                  380,000

Miscellaneous expense          17,500

Rent expense                     42,200

Supplies expense                 8,300

Prepare an income statement for the month ended August 31.