Use the Following Accounts and Information to Prepare, in Good

Use the following accounts and information to prepare, in good form, an income statement and a retained earnings statement, for the month of August and a balance sheet at August 31, 2014 for Pierce Industries. $\begin{array}{lrlr}\text { Accounts payable } & \$ 1,100 & \text { Dividends } & \$ 3,000 \\\text { Accounts receivable } & 5,400 & \text { Insurance expense } & 1,200 \\\text { Buildings } & 63,000 & \text { Supplies } & 1,400 \\\text { Cash } & 18,600 & \text { Notes payable } & 3,300 \\\text { Service revenue } & 25,700 & \text { Rent expense } & 3,400 \\\text { Common stock } & 52,000 & \text { Salaries and wages expense } & 12,000 \\\text { Retained earnings (beginning) } & 25,900 & &\end{array}$