Answer Happy

. From the partial work sheet for Major
Advising below, prepare an income statement.
1. From the partial work sheet for Major
Advising, prepare an income statement.
Assets:Drawing:Expenses:Liabilities:Revenue:
Accounts receivableAdvising feesCashEd Major, CapitalInsurance
expenseMiscellaneous expense
Assets:Drawing:Expenses:Liabilities:Revenue:
Advising feesCashEd Major, DrawingOffice equipmentSuppliesWages
expense
Advertising expenseAdvising feesCashEd Major, DrawingOffice
equipmentPrepaid insurance
Accounts receivableCashEd Major, CapitalPrepaid insuranceRent
expenseSupplies
Accounts payableAdvising feesEd Major, DrawingOffice
equipmentSupplies expenseWages payable
Accounts receivableCashEd Major, CapitalPhone
expenseSuppliesWages payable
Accounts payableAccum. Depr.-office equipmentCashEd Major,
CapitalElectricity expenseSupplies
Accounts receivableAdvising feesEd Major, DrawingInsurance
expensePrepaid insuranceWages payable
Accum. Depr.-office equipmentCashEd Major, CapitalGas and oil
expenseSuppliesWages payable
Accounts payableAdvising feesCashDepreciation expense-office
equipmentEd Major, DrawingPrepaid insurance
Accounts receivableAccum. Depr.-office equipmentMiscellaneous
expenseOffice equipmentSuppliesWages payable
Total assetsTotal expensesTotal liabilitiesTotal revenuesTotal
shareholder's equity
Net incomeNet loss