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What are the Income Statement and Balance Sheet for the following informaiton? Balance Statement Format: Pat's Painting Balance Sheet February 28, 20xx Assets: Cash Accounts

What are the Income Statement and Balance Sheet for the following informaiton?

Balance Statement Format:

Pat's Painting
Balance Sheet
February 28, 20xx
Assets:
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Equipment
Accumulated Depreciation
Total Assets

Income Statement Format

Pat's Painting
Income Statement
For the Month of February, 20xx
Revenue:
Painting Revenue
Expenses:
Supplies Expense
Wage Expense
Depreciation Expense
Insurance Expense
Interest Expense
Total Expenses
Net Income

Account

Debit Credit
101 Cash $ 4,850.00
102 Accounts Receivable $10,000.00
103 Prepaid Insurance $ 900.00
104 Supplies $ 600.00
120 Equipment $15,240.00
121 Accumulated Depreciation $ 2,940.00
201 Accounts Payable $ 3,840.00
204 Notes Payable $ -
205 Interest Payable $ -
290 Unearned Revenue $ -
300 Pat, Capital $24,810.00
301 Pat, Drawing $ -
400 Painting Revenue $ -
501 Supplies Expense $ -
502 Wage Expense $ -
503 Depreciation Expense $ -
504 Insurance Expense $ -
505 Interest Expense $ -
Totals $31,590.00 $31,590.00
Transactions for February, 20xx:
1-Feb Borrowed $4,500 from Star Bank by signing a three month, 12% annual interest note.
1-Feb Paid Wooster Brush $360 for a ladder with a three year expected life.
3-Feb Received $2,500 from Bob Tull for a job completed and billed in January.
7-Feb Received $2,000 from Ann Smith for a job completed and billed in January.
14-Feb Purchased $1,322 in paint and other supplies on credit from Sherwin Williams.
14-Feb Paid Sherwin Williams $3,840 for purchases made on account in January.
17-Feb Completed painting the Wes Morris house and billed him $5,500.
21-Feb Pat contributed an additional $5,000 cash into the business.
21-Feb Received $4,500 from Al Jones in payment of the amount he owed.
22-Feb Contracted to paint Beth Miller's house and received a down payment of $1,000.
28-Feb Completed painting Jerry Hale's house and billed him $3,500.
28-Feb Bought $1,250 paint and other supplies on credit from Sherwin Williams.
28-Feb Paid Wooster Brush $720 for scaffolding with a three year expected life.
28-Feb Paid Walter Walters his monthly salary of $2,000 (do not worry about payroll taxes).
28-Feb Pat withdrew $3,000 for her personal use.
Adjusting Entries:
28-Feb $100 of the insurance was consumed during the month of February.
28-Feb $45 in interest accrued on the note payable, and will not be paid until maturity date.
28-Feb $2472 of the supplies had been consumed.
28-Feb $220 was the depreciation on the equipment.

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