For Month ended December 31, 2019 Revenues: Consulting revenue $ 11,340 0 Rental revenue 400 $ 11,740 450 Total revenues Expenses: Salaries payable Prepaid insurance Rental revenue Supplies Utilities expense + + + 8,079 400 10.500 315 0 Total expenses 19.744 18.004) S [Accounts receivable 0 Equipment Accumulated depreciation - Equipment Supplies 36,000 450 10,500 0 Total assets 0 58,035 $ Liabilities Accounts payable Salaries payable $ 6.200 450 0 0 Total liabilities 6,650 Equity 44,000 Common stock Retained earnings Total equity 44.000 Total liabilities and equity S 50 650 Account affecting the Income statement Balance Sheet Prepaid insurance Impact on net income Adjusting entry related to: Insurance Supplies Depreciation Fees collected in advance Salaries Work performed in advance Total impact on income due to adjustments S 0 0 For Month ended December 31, 2019 Revenues: Consulting revenue $ 11,340 0 Rental revenue 400 $ 11,740 450 Total revenues Expenses: Salaries payable Prepaid insurance Rental revenue Supplies Utilities expense + + + 8,079 400 10.500 315 0 Total expenses 19.744 18.004) S [Accounts receivable 0 Equipment Accumulated depreciation - Equipment Supplies 36,000 450 10,500 0 Total assets 0 58,035 $ Liabilities Accounts payable Salaries payable $ 6.200 450 0 0 Total liabilities 6,650 Equity 44,000 Common stock Retained earnings Total equity 44.000 Total liabilities and equity S 50 650 Account affecting the Income statement Balance Sheet Prepaid insurance Impact on net income Adjusting entry related to: Insurance Supplies Depreciation Fees collected in advance Salaries Work performed in advance Total impact on income due to adjustments S 0 0