Financial Statements The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2019, the end of the year, and its revenue and expenses for the year The capital of Harper Borg, owner, was $180,000 at May 1, 2018, the beginning of the year, and the owner withdrew $40,000 during the year Accounts payable $25,000 Accounts receivable 210,000 Cash 146,000 Fees earned 875,000 Miscellaneous expense 15,000 Rent expense Supplies Supplies expense 75,000 9,000 12,000 10,000 38,000 525,000 Taxes expense Utilities expense Wages expense Required: 1. Prepare an income statement for the year ended April 30, 2019. Wilderness Travel Service Income Statement For the Year Ended April 30, 2019 Example Exercise 1-3 Transactions Obj Salvo Delivery Service is owned and operated by Joel Salvo. The following selected transactions were completed by Salvo Delivery Service during February: 1. Received cash from owner as additional investment, $35,000. ASSOTO051 ional investment, $35,000. Asset Kush 1 by $35,000,0E ' 3 2. Paid creditors on account, $1,800. Cash V by 1800 AC/ Payude by, 1700 3. Billed customers for delivery services on account, $11,250. Sh 48111250 4. Received cash from customers on account, 56,740. Wsh To.1b620 5. Paid cash to owner for personal use, $1,000. Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owner's Equity, Drawing, Revenue, and Expense). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $35,000; Owner's Equity (Joel Salvo, Capital) increases by $35,000