The following account balances are for Dolly Garcia, Certified Public Accountant, as of April 30, 2013.
Cash | $26,000 |
Accounts Receivable | 10,800 |
Maintenance Expense | 4,400 |
Advertising Expense | 3,750 |
Fees Earned | 23,800 |
Dolly Garcia, Capital, April 1 | ? |
Salaries Expense | 9,000 |
Machinery | 19,000 |
Accounts Payable | 12,800 |
Dolly Garcia, Drawing | 5,200 |
INSTRUCTIONS
Using the accounting equation form, determine the balance for Dolly Garcia, Capital, April 1, 2013. Prepare an income statement for the month of April, a statement of owner’s equity, and a balance sheet as of April 30, 2013. List the expenses on the income statement in alphabetical order.
Analyze: What net change in owner’s equity occurred during the month of April?
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