Prepare the Financial Statements for H

Essay

Prepare the financial statements for H.Logan of Logan Motorcycles from the following account balances: 1)an income statement,2)a statement of owner's equity,and 3)a balance sheet for the month ended October 31,200x.You will need to calculate the value of the Accounts Payable account (note: remember the basic accounting equation).
$$\begin{array} { l r } \text { Cash } & \$ 1,300 \\\text { Accounts Receivable } & 500 \\\text { Equipment } & 2,000 \\\text { Accounts Payable } & ? ? ? \\\text { Travis, Capital } & 3,000 \\\text { Revenue } & 1,000 \\\text { Expenses } & 700 \\\text { Travis, Withdrawal } & 100\end{array}$$