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Lambda Enterprises provided the following transactions for the month of August. Prepare the General Ledger accounts, Trial Balance, and Income Statement for the month. Assume

Lambda Enterprises provided the following transactions for the month of August. Prepare the General Ledger accounts, Trial Balance, and Income Statement for the month. Assume all transactions are exclusive of taxes. Use the following table format:

Date

Account Title

Debit ($)

Credit ($)

Aug 1

Cash


90,000

Aug 5

Sales Revenue


100,000

Aug 10

Rent Expense

11,000


Aug 15

Accounts Payable

22,000


Aug 20

Utilities Expense

5,000


Aug 25

Salary Expense

18,000


Aug 31

Depreciation Expense

3,000


Calculate the Trial Balance, Income Statement, and Taxes assuming a tax rate of 20%.

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