The Accounting Equation Elements and Their Balances of Awesome Travel

Essay

The accounting equation elements and their balances of Awesome Travel Services at December 31 are listed below. There were no additional investments or withdrawals by J. Trendsetter during the year.? $$\begin{array} { l r l r } \text { Accounts payable } & \$ 12,000 & \text { J. Trendsetter, capital (January 1) } & \$ 10,000 \\\text { Accounts receivable } & 14,000 & \text { Supplies } & 1,000 \\\text { Cash } & 18,000 & \text { Income taxes expense } & 1,300 \\\text { Computer equipment } & 21,000 & \text { Utilities expense } & 8,000 \\\text { Fees earned } & 78,000 & \text { Wages expense } & 25,000 \\\text { Rent expense } & 10,000 & \text { Supplies expense } & 1,700\end{array}$$ Prepare an income statement, statement of owner's equity, and a balance sheet as of December 31.?