Use the Following Accounts and Information to Prepare, in Good

question 120

Essay

Use the following accounts and information to prepare, in good form, an income statement, statement of owner's equity, and balance sheet for Hamlin Industries for the month ended July 31, 2009.
$\begin{array}{lrlr}\text { Accounts Payable } & \$ 3,100 & \text { Land } & \$ 35,000 \\\text { Accounts Receivable } & 1,400 & \text { Notes Payable } & 3,300 \\\text { Buildings } & 22,000 & \text { Rent Expense } & 2,400 \\\text { Cash } & 15,600 & \text { Salaries Expense } & 10,000 \\\text { Commissions Earned } & 12,700 & \text { Supplies } & 400 \\\text { Hilda Hamlin, Capital, June } & 77,900 & & \\\text { 30, 2009 } & & & \\\text { Withdrawals } & 8,000 & & \\\text { Insurance Expense } & 2,200 & &\end{array}$