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On May 1, 2007, the amount of Mary Beth's capital in Beths Services Company was P101,000. During May, she withdrew P15,100 from the business. The
- On May 1, 2007, the amount of Mary Beth's capital in Beths Services Company was P101,000. During May, she withdrew P15,100 from the business. The amounts of the various assets, liabilities, revenues, and expenses are as follows:
Accounts payable P 8,900
Accounts receivable 25,950
Cash 11,390
Fees earned 70,800
Insurance expense 1,475
Land 74,400
Miscellaneous expense 1,510
Prepaid insurance 2,000
Rent expense 8,000
Salary expense | 35,300 |
Supplies | 950 |
Supplies expense | 825 |
Utilities expense | 3,800 |
Present, in good form, (a) an income statement for May, (b) a statement of owner's equity for May, and (c) a balance sheet as of May 31.
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