Using the Following Accounting Equation Elements and Their Balances, Prepare

question 215

Essay

Using the following accounting equation elements and their balances, prepare, in good form, a statement of owner's equity for Bright Futures Company for the month ended August 31. $$\begin{array} { l r } \text { Telephone expense } & \$ 1,150 \\\text { Cash } & 3,000 \\\text { Accounts payable } & 1,540 \\\text { Jason Bright, drawing } & 800 \\\text { Fees earned } & 15,700 \\\text { Rent expense } & 1,400 \\\text { Supplies } & 140 \\\text { Accounts receivable } & 1,500 \\\text { Computer equipment } & 20,000 \\\text { Jason Bright, capital (August 1) } & 14,320 \\\text { Wages expense } & 4,800 \\\text { Utilities expense } & 750 \\\text { Notes payable } & 2,400 \\\text { Office expense } & 420\end{array}$$

---

Definitions:

Basic Desires

Fundamental motivations or drives that influence human behavior and decision-making.

Curiosity

A strong desire to know or learn something, driving individuals to explore, investigate, and seek out new information or experiences.

Instant Gratification

The desire to experience pleasure or fulfillment without delay or deferment.

Gritty People

Individuals who show courage and resolve; marked by a perseverance and passion for achieving long-term goals.