On July 1, 2017, Windsor Learning Services entered its second month of operations. On July 31, 2017, Milton Windsor, the owner, finalized the company€™s records that showed the following items. Use this in- formation to prepare a July income statement similar to Exhibit 1.8.

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Accounts payable... Accounts receivable. Owner's investments during $1,500 July 2017 Owner's withdrawals... $1,200 2,000 Cash.... 1,600 1,000 Computer equipment. Supplies.. Textbook rental revenue 1,280 2,200 Furniture..... 1,800 300 Milton Windsor, capital, June 30, 2017* Office rent expense. Tutoring revenue. Tutors' wages expense 4,200 7,400 1,540 Utilities expense. 2,500 680