For the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance. use the adjusted trial balance figures to prepare an income statement, a statement of owner's equity, and a balance sheet for the month ended July 31, 2019

Gourmet Consulting ADJUSTED TRIAL BALANCE July 31, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 38,750.00 2 Accounts Receivable 26,250.00 3 Supplies 2,850.00 4 Prepaid Rent 4,000.00 Prepaid Insurance 4,125.00 Office Equipment 14,000.00 7 Accumulated Depreciation-Office Equipment 400.00 8 Accounts Payable 2,100.00 9 Salaries Payable 140.00 10 Unearned Fees 3,000.00 11 Jolene Upton, Capital 54,000.00 12 Jolene Upton, Drawing 20,000.00 13 Fees Earned 59,700.00 14 Salary Expense 3,140.00 15 Rent Expense 2,000.00 16 Supplies Expense 1,950.00 17 Depreciation Expense 400.00 18 Insurance Expense 375.00 19 Miscellaneous Expense 1,500.00 20 Totals 119,340.00 119,340.00