12. Journalire the following entries on the books of Chip Co. (Assume a 360-day year is used for interest calculations.) Aug. 10 Chip Co, purchased merchandise for $44,000 on account from Dale Co., terms n/30. Date? Date? Chip Co. issued a 45-day, 4% note for $44,000 on account. Chip Co. paid the amount due Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below) Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following accounts and amounts for the month of August. Cash Accounts receivable Office supplies Land Office equipment Accounts payable Dividends $25,450 Consulting fees earned 22,490 Rent expense 5,370 Salaries expense 44,120 Telephone expense 20, 140 Miscellaneous expenses 10,460 Common stock 6,120 $ 27, 110 9,680 5,700 990 610 103,100 Exercise 2-16 Preparing an income statement LO C3, P3 Use the above information to prepare an August income statement for the business. HELP TODAY