Using the following accounts and their amounts, prepare a balance sheet for IT Company for the month ended August 31.

Telephone Expense $ 1,150

Cash 3,000

Accounts Payable 1,540

IT company, Drawing 800

Fees Earned 15,700

Rent Expense 1,400

Supplies 140

Accounts Receivable 1,500

Computer Equipment 20,000

IT COMPANY, Capital (August 1) 14,320

Wages

Expense 4,800

Utilities Expense 750

Notes Payable (due in 18 months) 2,400

Office Expense 420