Problem 1-3

A junior bookkeeper of Adams Ltd. prepared the following financial statements at January 31, 2017, the end of its first month of operations.

Adams Ltd. Income Statement For the Month Ended January 31, 2017
Revenue Expenses Accounts payable Land Drawing Miscellaneous expenses		$ 300 1,000 500 335		$3,335 1,635
Net income				$1,200

Balance Sheet
Assets				Liabilities and Owners Equity
Cash Repairs expense Salaries expense Building		$1,000 500 1,000 2,000		Rent expense Owners capital		$ 300 4,200
		$4,500				$4,500

Required: Prepare a revised income statement, a statement of Owners equity, and a balance sheet. (Type your work).