Upton Consulting Co. was started on March 1, 1998. The stockholders' equity column of the tabular summary for the month of March contained these recorded data:

All data were properly recorded except the following:
1. In transaction (22), \(\$ 150\) of the repair expense was applicable to Michael Upton's personal residence.
2. In transaction (36), \(\$ 80\) was applicable to repairs on business property.
\section*{Instructions}

(a) Prepare an income statement for the month of March.

(b) Prepare a retained earnings statement for March.

Transcribed Image Text:

Transaction Amount (1) $15,000 (4) 750 (6) 3,250 (8) 400 Description Investment Rent expense Service revenue Advertising expense (11) 1,000 Salaries expense (12) 2,100 Service revenue (15) 250 Utilities expense (18) 500 Dividends (20) 3,200 Service revenue (22) 200 Repair expense (24) 1,000 (27) 300 Advertising expense Dividends (29) 1,100 (32) 900 Service revenue Salaries expense (34) 200 Property tax expense (36) 150 Utilities expense