1. If the trial balance balances, does that indicate all of journal entries have been posted correctly and in the proper month? Please explain

2. Create a transaction that will decrease an asset and decrease equity.

3. On August 3, 2014 Customer Over There owes the Wood Company $16,000. On Sept 7, 204. Over There sent a check for 50%, to Wood Company, for the amount due. Please explain how the Sept 7 transaction affects the income statement for Wood Company.

1. The Shore Company has sent you a puzzle to solve. They heard you love puzzles. The pieces for the puzzle are:
2. 1. Assets on Aug 1, 2013 $ 732,000
   2. Assets in Aug 31, 2013 1,005,000
   3. Liabilities on Aug 1, 2013 442,000
   4. Liabilities on Aug 31, 2013 685,000
   5. During the month of August 2013, the owners invested an additional $85,000 into the company.
   6. During the month of August 2013, the owners withdrew $40,000 from the company.

Required --- calculate the net income for the company during the month of August. Show your work.