8. If you completed the end-of-period work sheel in Part 1. use the adjusted trial balance figures to prepare an income statement for the month ended July 31, 2049. If you didn't complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement for the month ended July 31, 2049. Be sure to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. You will not need enter colons (-) on the income statement Question not attempted. Arborvite Consulting Score: 0/85 Income Statement (Label) 1 2 Label) 3 4. 5 6 PR 4-5A Complete accounting cycle OBJ. 4,5 For the past several years, Samantha Hogan has operated a part-time consulting business from her home. As of July 1, 2019, Samantha decided to move to rented quarters and to operate the business, which was to be known as Arborvite Consulting, on a full-time basis. Arborvite Consulting entered into the following transactions during July: July 1. The following assets were received from Samantha Hogan: cash, $25,700; accounts receivable, $30,200; supplies, $5,100; and office equipment, $12,100. There were no liabilities received. 1. Paid three months' rent on a lease rental contract, $8,100. 2. Paid the premiums on property and casualty insurance policies, $6,100. 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $10,800. 5. Purchased additional office equipment on account from Office Necessities Co., $6,900. 6. Received cash from clients on account, $17,300. 10. Paid cash for a newspaper advertisement, $680. 12. Paid Office Necessities Co. for part of the debt incurred on July 5, $4,100. 12. Provided services on account for the period July 1-12, $19,200. 14. Paid receptionist for two weeks' salary, $2,000. Record the following transactions on Page 2 of the journal: 17. Received cash from cash clients for fees earned during the period July 1-17, $14,100. 18. Paid cash for supplies, $1,400. 20. Provided services on account for the period July 13-20, $12,200. 24. Received cash from cash clients for fees earned for the period July 17-24, $11,500. 26. Received cash from clients on account, $16,300. 27. Paid receptionist for two weeks' salary, $2,000. 29. Paid telephone bill for July, $440. 31. Paid electricity bill for July, $910. 31. Received cash from cash clients for fees earned for the period July 25-31, $9,600. 31. Provided services on account for the remainder of July, $7,400. 31. Samantha withdrew $27,100 for personal use. Chart of Accounts CHART OF ACCOUNTS Arborvite Consulting General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 14 Supplies EXPENSES 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53 Supplies Expense 19 Accumulated Depreciation Office Equipment 54 Depreciation Expense 55 Insurance Expense LIABILITIES 59 Miscellaneous Expense 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Samantha Hogan, Capital 32 Samantha Hogan, Drawing Labels and Amount Descriptions Labels Current assets Current liabilities Expenses For the Month Ended July 31, 2049 July 31, 2049 Property, plant, and equipment Revenues Amount Descriptions Decrease in owner's equity Increase in owner's equity Investments during the month Net income Net loss Samantha Hogan, capital, July 1, 2049 Samantha Hogan, capital, July 31, 2049 Total assets Total current assets Total expenses Total liabilities Total liabilities and owner's equity Total property, plant, and equipment Withdrawals