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Rachel Rivers started the Rivers Charter Service at the beginning of August 2 0 X 1 . On August 3 1 , 2 0 X

Rachel Rivers started the Rivers Charter Service at the beginning of August 20X1. On August 31,20X1, the accounting records of the business showed the following information.
Equipment $ 23,000 Rent Expense $ 5,900
Accounts Receivable 3,600 Cash 7,000
Fees Income 32,500 Salaries Expense 11,800
Boats 108,000 Utilities Expense 2,400
Gasoline Expense 8,600 Supplies 4,600
Loans Payable 82,500 Initial Investment 56,000
Owners Withdrawal 3,100 Accounts Payable 7,000
Prepare an income statement for the month.

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