Use the information in Exercise 4-4 (if completed, you can also use your solution to Exercise 4-5) to prepare an October 31 balance sheet for OnTech.

Exercise 4-4:

On October 1, Diondre Shabazz organized a new consulting firm called OnTech. On October 31, the company’s records show the following items and amounts. Use this information to prepare an October income statement for the business.

Transcribed Image Text:

Cash $11,360 D. Shabazz, Withdrawals $ 2,000 Accounts receivable 14,000 Consulting fees earned 14,000 Office supplies 3,250 Rent expense 3.550 Patents. 46,000 Salaries expense 7,000 Office equipment 18,000 Telephone expense 760 Accounts payable 8,500 Miscellaneous expenses 580 D. Shabazz, Capital 84,000