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Question - Edward Roberts decided to start his own rent-a-car business after graduation. Roberts' Rent-a-Car had the following ending balances after the first month of operations (October 2019).
Ending Balances - October 31, 2019
Accounts Payable $500
Automobile $35,800
Bank Loan $17,200
Capital Invested in October $20,500
Cash $8,100
Interest Expense $700
Roberts, Capital, October 1, 2019 $0
Roberts, Withdrawals $1,100
Maintenance Expense $600
Miscellaneous Expense $800
Prepaid Insurance $2,000
Salaries Expense $1,000
Service Revenue $7,400
Unearned Revenue $5,300
Utilities Expense $800
Required - Prepare the income statement, statement of owner's equity, and balance sheet.
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