Dewey, Cheatem, and Howe Had the Following Items in Their

question 73

Essay

Dewey, Cheatem, and Howe had the following items in their accounting records at 7/31/2022: $\begin{array}{lrlr}\text { Owner's capital, July } 1&\$0&\text { Owner's drawings }&\$2,300\\\text { Rent expense } & 750 & \text { Salaries \& wage expense } & 4,500 \\\text { Service revenue } & 10,000 & \text { Utilities expense } & 400\end{array}$$\text { The owner made a \$15,000 investment in early July. }$ Instructions
(a) Prepare an income statement for the month ending July 31, 2022.
(b) Prepare an owner's equity statement for the month ending July 31, 2022.

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