An analysis of the transactions made by Dewey Cheatem & Co. a law firm for the month of July is shown below. Each increase and decrease in owner's equity is explained. 
Instructions
(a) Prepare an income statement for the month ending July 31 2016.
(b) Prepare an owner's equity statement for the month ending July 31 2016.
Definitions:
Systemic Infections
Infections that affect the entire body, often spreading through blood or lymph systems and posing significant health risks.
Detailed Records
Comprehensive documentation of events, transactions, or observations kept systematically for reference or analysis.
Somatic Symptom Disorder
A mental health condition marked by an intense focus on physical symptoms — such as pain or fatigue — that causes significant distress or problems in functioning.
Treatment Plan
A comprehensive outline designed by healthcare professionals to address the specific needs and goals for an individual's health condition.
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