Use the facts in Exercise 1-12 to prepare a July statement of changes in equity for Academic

Question:

Use the facts in Exercise 1-12 to prepare a July statement of changes in equity for Academic Learning Services, similar to Exhibit 1.9.

Analysis Component: Identify those activities that caused equity to decrease during July 2020.

Exhibit 1.9

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Exercise 1-12

On July 1, 2020, Academic Learning Services entered its second month of operations. On July 31, 2020, Breanne Allarie, the owner, finalized the company?s records that showed the following items. Use this information to prepare a July income statement similar to Exhibit 1.8.

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Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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