S Exercise 1-09 al-a3 (Part Level Submission) An analysis of the transactions made by Cullumber & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $550 for rent, $5,200 for salaries and wages, and $700 for utilities. Accounts Accounts Owner's Owner's Cash +Receivable Supplies Equipment Payable Capital Drawings Revenues Expenses 2. $15,900 $15,900 2. -1,200 $4,000 $2,800 3. -650 $650 4. 5,000 $3,500 5. -1,200 6. -2,200 -1,200 -$2,200 7. -550 8. 450 -450 9. -5,200 10. 700 dy Assume that August is the company's first month of business. $8,500 -$550 -5,200 -700 Your answer is correct. Prepare an income statement for August 31, 2020. CULLUMBER & CO. Income Statement For the Month Ended August 31, 2020 Revenues Service Revenue Expenses Rent Expense Salaries and Wages Expense Utilities Expense Total Expenses Net Income/ (Loss) > 550 5200 700 8500 Click if you would lit to Chi for thin nun ch Worle 6450 2050 CULLUMBER & CO. Owner's Equity Statement For the Year Ended August 31, 2020 Owner's Capital, August 31 Add Net Income Investments Less Expenses Net Income x 2050 x 15900 Click if you would like to Show Work for this question: Open Show Work