Using the Following Accounting Equation Elements and Their Balances, Prepare

Essay

Using the following accounting equation elements and their balances, prepare, in good form, a statement of owner's equity for Bright Futures Company for the month ended August 31. $$\begin{array} { l r } \text { Telephone expense } & \$ 1,150 \\\text { Cash } & 3,000 \\\text { Accounts payable } & 1,540 \\\text { Jason Bright, drawing } & 800 \\\text { Fees earned } & 15,700 \\\text { Rent expense } & 1,400 \\\text { Supplies } & 140 \\\text { Accounts receivable } & 1,500 \\\text { Computer equipment } & 20,000 \\\text { Jason Bright, capital (August 1) } & 14,320 \\\text { Wages expense } & 4,800 \\\text { Utilities expense } & 750 \\\text { Notes payable } & 2,400 \\\text { Office expense } & 420\end{array}$$