Exercise 1-09 al-a3 An analysis of the transactions made by Peat Deloitte & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $560 for rent, $4,800 for salaries and wages, and $400 for utilities. Accounts Accounts Owner's Owner's Cash + Receivable + Supplies - Equipment - Payable + Capital - Drawings + Revenues - Expenses 1. $15,000 $15,000 2 -2,000 $5,000 $3,000 3. -750 $750 4. 4,000 $4,500 $8,500 5. -1,500 -1,500 6. -2,000 - $2,000 7 -560 - $560 8 450 -450 9. -4,800 -4,800 10. 400 -400 Assume that August is the company's first month of business. Prepare an income statement for August 31, 2020. PEAT DELOITTE & CO. Income Statement For the Month Ended August 31, 2020 Prepare an income statement for August 31, 2020. PEAT DELOITTE & CO. Income Statement For the Month Ended August 31, 2020 Revenues Service Revenue 8500 Expenses Salaries and Wages Expense 4800 Rent Expense 560 Utilities Expense 400 Total Expenses 5760 Net Income / (Loss) 2740 PEAT DELOITTE & CO. Balance Sheet August 31, 2020 Assets X Cash X Accounts Receivable Supplies Equipment Total Assets Liabilities and Owner's Equity Liabilities Accounts Payable 1900 Equipment X Total Assets Liabilities and Owner's Equity Liabilities Accounts Payable 1900