Dewey, Cheatem, and Howe had the following items in their accounting records at 7/31/2022: $\begin{array}{lrlr}\text { Owner's capital, July } 1&\$0&\text { Owner's drawings }&\$2,300\
\text { Rent expense } & 750 & \text { Salaries \& wage expense } & 4,500 \
\text { Service revenue } & 10,000 & \text { Utilities expense } & 400
\end{array}$$\text { The owner made a \$15,000 investment in early July. }$ Instructions
(a) Prepare an income statement for the month ending July 31, 2022.
(b) Prepare an owner's equity statement for the month ending July 31, 2022.

Question

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The Answer of Dewey, Cheatem, and Howe had the following items in their accounting records at 7/31/2022: $\begin{array}{lrlr}\text { Owner's capital, July } 1&\$0&\text { Owner's drawings }&\$2,300\
\text { Rent expense } & 750 & \text { Salaries \& wage expense } & 4,500 \
\text { Service revenue } & 10,000 & \text { Utilities expense } & 400
\end{array}$$\text { The owner made a \$15,000 investment in early July. }$ Instructions
(a) Prepare an income statement for the month ending July 31, 2022.
(b) Prepare an owner's equity statement for the month ending July 31, 2022.

Dewey, Cheatem, and Howe Had the Following Items in Their