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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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