The following account balances are for Lisa Assaad, Certified Public Accountant, as of April 30, 20X1.

INSTRUCTIONS

Using the accounting equation form, determine the balance for Lisa Assaad, Capital, April 1, 20X1. Prepare an income statement and a statement of owner’s equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. List the expenses on the income statement in alphabetical order.

.Analyze: 

What net change in owner’s equity occurred during the month of April?

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Cash Accounts Receivable Maintenance Expense Advertising Expense Fees Earned Lisa Assaad, Capital, April 1 Salaries Expense Machinery Accounts Payable $60,000 24,000 9,200 7,780 53,600 ? 26,000 42,000 26,400 Lisa Assaad, Withdrawals for April 13,600