Question: Guy McKinley started the McKinley Charter Service at the beginning of August 2019. On August 31, 2019, the accounting records of the business showed the following information.
Equipment $21,500
Rent Expense $5,600
Accounts Receivable 3,300
Cash 6,700
Fees Income 31,750
Salaries Expense 11,500
Boats 106,500
Utilities Expense 2,250
Gasoline Expense 8,300 Supplies 4,300 Loans Payable 81,000 Initial Investment 54,500 Owners' Withdrawal 3,200 Accounts Payable 5,900.
Required: Show an income statement and a statement of owner's equity for the month and a balance sheet as of August 31, 2019.
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