Record revenues when received and expenses when paid. - Google Search Check my work ASSets Accounts Receivable Supplies Llaruties Accounts Payable Cash +11,000 STOCKRougers Equity Equipment Common Stock +11,000 +5,000 +710 (a) (b) (c) (d) (e) (f) (9) (h) (1) -6,000 +1,000 +10,000 Retained Earnings -710 Utilities expense +5,000 Service revenue +1,080 Service revenue +4,000 +550 +550 -3,000 -3,000 -2,000 -750 +1,500 1,750 -2,000 Wage expense - 750 Rent expense -1,500 3,500 550 10,000 2,260 11,000 2,540 E3-20 Part 2-a 2-a. Prepare an income statement as of July 31. NEPCO Income Statement 0 expenses when paid. - Google Search Check my work [The following information applies to the questions displayed below.) An analysis of transactions made during July by NepCo, an Internet service provider, during its first month of operations is shown below. Increases and decreases affecting revenues and expenses are explained. Assets Liabilities Accounts Stockholders' Equity Cash Receivable Accounts Supplies Equipment (a) +11,000 Payable Common Stock Retained Earnings (b) +11,000 (c) +710 +5,000 -710 Utilities expense (d) -6,000 +5,000 Service revenue (e) +10,000 +4,000 +1,000 (f) +1,000 Service revenue +550 +550 (9) -3,000 -3,000 (h) -2,000 -2,000 Wage expense -750 -758 Rent expense (2 +1,500 -1,500 1,750 3,500 550 10,000 2,260 11,000 2,540 E3-20 Part 2-b 2-b. Prepare a statement of retained earnings for July 31. NEPCO Statement of Retained Earnings Retained Earnings, July 1 Retained Earnings, July 31 Prey 8 9 10 of 11 !!! Next >