Carmen Camry operates a consulting firm called Help Today, which began operation

Question

Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the com $ 6,000 27,008 9,550 5,600 860 528 25,360 C. Camry, Withdrawals 22,360 Consulting fees earned Cash Accounts receivable Office supplies Land Office equipment 5,250 Rent expense 44,800 28,000 Telephone expense 10,5e0 Miscellaneous expenses Use the above information to prepare an August 31 balance sheet for Help Today. (Hint Compute the owner's capital account balance as of August 31.)

Explanation / Answer

1,01,220

Note: Opening Owners capital taken from balance figure of Trail balance

Help Today Income Statement for Month Ended August 31 Revenues consultancy fee      27,000      27,000 Expenses Office Rent         9,550 Office Supplies         5,250 Salary expense         5,600 Telephone expense            860 Miscellaneous expense            520 Total Expenses      21,780 Net income         5,220

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