An analysis of transactions for J. L. Kang & Co. Ltd. was presented in E1-8. Assume that August is the company's first month of business.

Instructions
Prepare an income statement and a retained earnings statement for August and a statement of financial position at August 31, 2017.

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Assets - Liabilities+ quity Accounts Share Accounts + SuppliesEquipment Payable Capital Cash + Retained Earnings Receivable -Exp. - Div ev_ 1. +£15,000 2. -2,000 750 +£15,000 Issued Shares +£5,000 £3,000 3 4. +4,600+£4,500 +£750 +£9,100 Service Revenue 5.1,500 6. -2,000 650 +450 9. -3,900 1,500 -£2,000 -£650 Rent Expense -450 3,900 500 Sal./Wages Expense Utilities Expense 10 +500