At the beginning of the summer, Humphrey Nelson was looking for a way to earn money to pay for his college tuition in the fall. He decided to start a lawn service business in his neighborhood. To get the business started, Humphrey used $7,800 from his savings account to open a checking account for his new business, Elegant Lawn Care. He purchased two used power mowers and various lawn care tools for $2,000, and paid $3,600 for a second-hand truck to transport the mowers. Several of his neighbors hired him to cut their grass on a weekly basis. He sent these customers monthly bills. By the end of the summer, they had paid him $6,600 in cash and owed him another $3,300. Humphrey also cut grass on an as-needed basis for other neighbors, who paid him $5,800 During the summer, Humphrey spent $1,700 for gasoline for the truck and mowers. He paid $4,900 to a friend who helped him on several occasions. An advertisement in the local paper cost $1,700. Now, at the end of the summer, Humphrey is concerned because he has only $6,300 left in his checking account. He says, "I worked hard all summer and have only $6,300 to show for it: It would have been better to leave the money in the bank" Required: Prepare an income statement, a statement of owner's equity (for the three month period ended August 31, 20x1), and a balance sheet (dated August 31, 20x1) for Elegant Lawn Care. Complete this question by entering your answers in the tabs below. Prepare a balance sheet for Elegant Lawn Care, month of August 31, 20X1