Mary Company had these amounts:

\section*{Instructions}
Your instructor will divide the class into groups of five or six students. When you are told to begin, prepare Mary Company's income statement, retained earnings statement, and balance sheet for July 31. The first group to finish with the correct statements wins!

Transcribed Image Text:

Rent expense $ 800 Utilities expense $ 300 Notes payable 700 Accounts receivable 2,000 Cash 10,500 Telephone expense 100 Common stock 60,000 Accounts payable 3,000 Salaries expense 500 Equipment 103,000 Revenue 3,500 Retained earnings, July 1 50,000