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Prepare the income statement and statement of owner equity

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Question - Following are the accounts maintained by OLX corporation. You need to prepare the income statement and the statement of owner's equity for the month ended December 31, 2020.

Cash $10,000 Accounts Receivable $200,000 Service Revenue $150,000

Rent Expense 18,000 Insurance Expense 12000 Drawings 11000

Office Supplies 2000 Salaries expense 10,000 Salaries Payable 5000

Owner's equity, December 1,2020 $60,000 Interest Expense 15,000

Reference no: EM132919200

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