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
Prepare a balance sheet at July 31 2016.
Definitions:
Surplus
A condition where the quantity supplied of a product exceeds the quantity demanded at the market price.
Rent Control
A government policy or law that limits the amount landlords can charge for leasing a home or apartment to prevent rapid increases in housing costs.
Equilibrium Prices
The market price at which the quantity of a good or service demanded equals the quantity supplied, leading to market balance.
Rental Housing
This term refers to properties available for rent, providing accommodation to individuals or families in exchange for regular payments to the owner or landlord.
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