July 12 1,340 1,340 Accounts receivable Fees earned Earned fees from customers on account Recording this transaction will increase revenues and decrease accounts receivable decrease accounts receivable and decrease revenues increase accounts receivable and decrease revenues Increase accounts receivable and increase revenues Determine the net income (loss) for the period. Lightning Jack Company Adjusted Trial Balance For the year ended July 31, 2011 $ 9,030 2,100 700 13,700 $ 1.100 1,900 4,200 12,940 S Cash Accounts Receivable Supplies Building Accumulated Depreciation Accounts Payable Salaries Payable Greg Dooley, Capital apital Greg Dooley, Withdrawals Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 790 13,750 4,500 1,960 775 250S S5 $33,890 $33,890 Net Loss $6,180 Net Loss $2.570 Net Income $2.570 Net Income 56.180