(c) Explain to Betty the generally accepted accounting principles that she did not recog nize in preparing her income statement and their effect on her results. P4.7A on November 1, 2017, the following were the account balances of Soho Equipment Repair. Credit Debit 2,790 Accumulated Depreciation- Equipment 500 Cash 2,300 Accounts Receivable 2,910 Accounts Payable 400 1,120 Unearned Service Revenue Supplies 620 10,000 Salaries and Wages Payable Equipment 10,000 Common Stock lott ob 3,000 Retained Earnings $16,820 $16,820