Exercise 213 An analysis of the transactions made by Dewey, Cheatem & Co., a law firm, for the month of July is shown below. Each increase and decrease in owner's equity is explained Accounts Accounts Cash Receivable Supplies EquipmentPayableOwner's Capital +$15,000 1. +$15,000 2,500 -750 4. +2,400 5.-1,500 2,300 -750 +850 9 4,500 Investment 2 +$6,000 $3,500 +$750 +$7,600 10,000 Service Revenue -1,500 6 $2,300 Drawings -750 Rent Expense 8 850 -4,500 Salaries Expense 10 +400 400 Utilities Expense Prepare an income statement for the month ending July 31, 2020. DEWEY, CHEATEM & CO Income Statement For the Month Ended July 31, 2020 Revenues Service Revenue 10,000 Expenses -4,500 Salaries and Wages Expense Rent Expense Utilities Expense -750 -400 Total Expenses 15,650 Net Income/(Loss) Prepare an owner's equity statement for the month ending July 31, 2020. DEWEY, CHEATEM & CO Owner's Equity Statement For the Month Ended July 31, 2020 Owner's Capital, July 1 # Add Investments 15,000 Net income/ Loss 15,650 30,650 30,650 Less $1.1 Drawings 2,300 Owner's Capital, July 31 # 32,950