Debit Credit Balance Balance Account Cash 21,805 Accounts Receivable 2,700 Office Supplies 160 Prepaid Insurance 1,100 Equipment 8,200 Van 6,000 Accounts Payable 4,400 Wilhelm Kohl, Capital 25,000 Wilhelm Kohl, Drawing 2,900 Service Fees 15,500 Rent Expense 850 Wages Expense 800 Phone Expense 230 Gas and Oil Expense 155 Totals 44,900 44,900 Change in owner's equity: Check My Work All work saved. Rent Expense 850 Wages Expense 800 230 Phone Expense I Gas and Oil Expense 155 Totals 44,900 44,900 Change in owner's equity: Wilhelm Kohl's original investment in the business $25,000 + Net income for the month $13,465 - Owner's drawing 2,900 Increase (decrease) in capital 10,565 Ending owner's equity $35,565 Required: 1. Prepare an income statement for Kohl's Home Repair for the month ended May 31, 20- Kohl's Home Repair Income Statement For Month Ended May 31, 20-- Check My Work All work saved. Email Instructor Save a 14 Kohl's Home Repair Statement of Owner's Equity For Month Ended May 31, 20-- Wilhelm Kohl, capital, May 1, 20-- Investments during May Total investment Net income for May Less withdrawals for May Increase in capital Wilhelm Kohl, capital, May 31, 20-V Feedback Check My Work First, consider what is included in a statement of owner's equity. Then use the char equity 3 Prenare a balance sheet for Kohl's Home Renair as of May 31 20-- Check My Work Kohl's Home Repair Balance Sheet May 31, 20- Assets Liabilities Cash Accounts payable Accounts receivable Office supplies Prepaid insurance Equipment Owner's Equity Van Total assets Total liabilities & owner's equity Feedback Check My Work First, consider what is included in a Balance Sheet. Then use the trial balance and the statement of owner's Feedback Check My Work Email Instructor Sav All work saved. 14