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In Week 1, you developed a personal balance sheet. Now, you will develop an income statement. Complete the following: Develop 5-10 transactions that include receiving
In Week 1, you developed a personal balance sheet. Now, you will develop an income statement. Complete the following: Develop 5-10 transactions that include receiving income and paying expenses, such as rent, insurance, salaries, water, electric, internet, etc. Record these transactions as journal entries. Post the journal entries to "T" accounts to obtain an ending balance. Then, prepare an income statement in proper form and post to the discussion area and tell us what, if anything, surprised you. Also, indicate how you would like this to look ten years from now
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