take the final balances and create an Income Statement, Statement of Owner's Equity and Balance Sheet for this company. You can title the company CW Rental Management.

On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June:

1. Opened a business bank account with a deposit of $30,000 from personal funds.

2. Purchased office supplies on account, $1,800.

3. Received cash from fees earned for managing rental property, $10,000.

4. Paid rent on office and equipment for the month, $4,500.

5. Paid creditors on account, $1,250.

6. Billed customers for fees earned for managing rental property, $16,800.

7. Paid automobile expenses (including rental charges) for the month, $750, and miscel- laneous expenses, $980.

8. Paid office salaries, $4,000.

9. Determined that the cost of supplies on hand was $680; therefore, the cost of supplies used was $1,120.

10. Withdrew cash for personal use, $7,500.