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Income Statement

The partial work sheet for the month ended January 31, 20-- for Major Advising is shown.

Major Advising Work Sheet (Partial) For Month Ended January 31, 20--
	Income Statement	Balance Sheet
ACCOUNT TITLE	DEBIT	CREDIT	DEBIT	CREDIT
Cash			1,339.00
Accounts Receivable			935.00
Supplies			346.00
Prepaid Insurance			800.00
Office Equipment			3,500.00
Accum. Depr.Office Equipment				200.00
Accounts Payable				1,000.00
Wages Payable				300.00
Ed Major, Capital				4,100.00
Ed Major, Drawing			900.00
Advising Fees		4,140.00
Wages Expense	700.00
Advertising Expense	90.00
Rent Expense	500.00
Supplies Expense	150.00
Phone Expense	67.00
Electricity Expense	48.00
Insurance Expense	89.00
Gas and Oil Expense	53.00
Depr. ExpenseOffice Equipment	200.00
Miscellaneous Expense	23.00
	1,920.00	4,140.00	7,820.00	5,600.00
Net Income	2,220.00			2,220.00
	4,140.00	4,140.00	7,820.00	7,820.00

From the partial work sheet for Major Advising,

Assets:Drawing:Expenses:Liabilities:Revenue:
Accounts receivableAdvising feesCashEd Major, CapitalInsurance expenseMiscellaneous expense		$- Select -
Assets:Drawing:Expenses:Liabilities:Revenue:
Advising feesCashEd Major, DrawingOffice equipmentSuppliesWages expense	$- Select -
Advertising expenseAdvising feesCashEd Major, DrawingOffice equipmentPrepaid insurance	- Select -
Accounts receivableCashEd Major, CapitalPrepaid insuranceRent expenseSupplies	- Select -
Accounts payableAdvising feesEd Major, DrawingOffice equipmentSupplies expenseWages payable	- Select -
Accounts receivableCashEd Major, CapitalPhone expenseSuppliesWages payable	- Select -
Accounts payableAccum. Depr.-office equipmentCashEd Major, CapitalElectricity expenseSupplies	- Select -
Accounts receivableAdvising feesEd Major, DrawingInsurance expensePrepaid insuranceWages payable	- Select -
Accum. Depr.-office equipmentCashEd Major, CapitalGas and oil expenseSuppliesWages payable	- Select -
Accounts payableAdvising feesCashDepreciation expense-office equipmentEd Major, DrawingPrepaid insurance	- Select -
Accounts receivableAccum. Depr.-office equipmentMiscellaneous expenseOffice equipmentSuppliesWages payable	- Select -
Total assetsTotal expensesTotal liabilitiesTotal revenuesTotal shareholder's equity		- Select -
Net incomeNet loss		$- Select -

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