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Question - Below are accounts listed for September 2004 for PC Partners, a sole proprietorship that installs/repairs home computers for customers. The business is owned by Ed Connor. The accounts are listed in alphabetical order. For the month of September 2004, prepare an income statement, statement of changes in owner's equity, and a balance sheet. Prepare them in proper form.
ACCOUNT BALANCE
Accounts Payable 4,200
Accounts Receivable 8,480 Advertising expense 420
Capital (Ed Connor) at 08/31/04 56,000
Cash 35,460
Entertainment Expense 600
Equipment 15,700
Installation Revenue 15,600 Miscellaneous Revenue 800
Photocopying Expense 150
Rent Expense 1,300
Repair Revenue 8,650
Supplies 8,400
Truck 8,500
Unearned Revenue 760
Withdrawals (Connor) 7,000
TOTAL 172,020
What is the purpose of preparing financial statements? To show the business performance of the business and its financial position
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