Use the Following Accounts and Information to Prepare,in Good Form,an

question 5

Essay

Use the following accounts and information to prepare,in good form,an income statement,statement of retained earnings,and balance sheet for Hometown Industries for the month ended July 31,2010.
$\begin{array}{lrlr}\text { Accounts Payable } & \$ 3,100 & \text { Land } & \$ 35,000 \\\text { Accounts Receivable } & 1,400 & \text { Notes Payable } & 3,300 \\\text { Buildings } & 22,000 & \text { Rent Expense } & 2,400 \\\text { Cash } & 15,600 & \text { Retained Earnings, June } & 57,900 \\& & 30,2010 & \\\text { Commissions Earned } & 12,700 & \text { Salaries Expense } & 10,000 \\\text { Common Stock } & 20,000 & \text { Supplies } & 400 \\\text { Dividends } & 8,000 & & \\\text { Insurance Expense } & 2,200 & &\end{array}$

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Definitions:

Myopic

Short-sightedness or the inability to see distant objects clearly.

Nearsighted

A common vision condition (myopia) where close objects are seen clearly, but distant objects appear blurred due to the shape of the eye.

Myopia

A vision condition characterized by difficulty seeing distant objects clearly, often referred to as nearsightedness.

Nearsightedness

A common vision condition where close objects appear clearly, but distant ones are blurred, also known as myopia.