An analysis of transactions for Pharoah \& Co. a certified public accounting firm, for the month of August is shown as follows. The expenses were $700 for rent, $5,300 for salaries and wages, and $400 for utilities. Assume that August is the company's first month of business. PHAROAH \& CO. Balance Sheet For the Year Ended August 31, 2022 Assets \begin{tabular}{|c|c|c|} \hline Cash & $ & 14800 \\ \hline Accounts Receivable & & 3350 \\ \hline Supplies & & 700 \\ \hline Equipment & & 4000 \\ \hline Total Assets & $ & 37650 \\ \hline Liabilit & & \\ \hline Liabilities & & \\ \hline Accounts Payable & $ & 1400 \\ \hline Owner's Equity & & \\ \hline Owner's Capital & & 14800 \\ \hline Total Liabilities and Owner's Equity & $ & 37650 \\ \hline \end{tabular} Preoare an owner's equitv statement for August 31. 2022. (List items that increase owner's eauitv first.) (a1) Your answer is correct. Prepare an income statement for August 31, 2022. PHAROAH \& CO. Income Statement For the Month Ended August 31, 2022 Revenues Service Revenue $ 7700 Expenses Salaries and Wages Expense $ \begin{tabular}{|r|r|} \hline 5300 & i \\ \hline 700 & i \\ \hline \end{tabular} Rent Expense \begin{tabular}{|r|r|} \hline 400 & i \\ \hline \end{tabular} Utilities Expense Net Income / (Loss) eTextbook and Media List of Accounts