From the following account balances, prepare in proper form for June

(a) an income statement,

(b) a statement of owner’s equity, and

(c) a balance sheet for French Realty.

1 A-1. Gracie Wall decided to open Wall’s Hair Salon. Gracie completed the fol¬ lowing transactions:

a. Invested $17,000 cash from her personal bank account into the business.

b. Bought equipment for cash, $4,000.

c. Bought additional equipment on account, $1,000.

d. Paid $400 cash to partially reduce what was owed from Transaction C.
Based on the above information, record these transactions into the basic' accounting equation. LO.1

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Cash Accounts Receivable $3,310 1,490 S. French, Withdrawals $ 40 Professional Fees 2,900 Office Equipment 6,700 Salaries Expense 500 Accounts Payable 2,000 Utilities Expense 360 S. French, Capital, June 1, 200X 8,000 Rent Expense 500