Use the Following Accounts and Information to Prepare,in Good Form,an

Essay

Use the following accounts and information to prepare,in good form,an income statement,statement of retained earnings,and balance sheet for Hometown Industries for the month ended July 31,2010.
$\begin{array}{lrlr}\text { Accounts Payable } & \$ 3,100 & \text { Land } & \$ 35,000 \\\text { Accounts Receivable } & 1,400 & \text { Notes Payable } & 3,300 \\\text { Buildings } & 22,000 & \text { Rent Expense } & 2,400 \\\text { Cash } & 15,600 & \text { Retained Earnings, June } & 57,900 \\& & 30,2010 & \\\text { Commissions Earned } & 12,700 & \text { Salaries Expense } & 10,000 \\\text { Common Stock } & 20,000 & \text { Supplies } & 400 \\\text { Dividends } & 8,000 & & \\\text { Insurance Expense } & 2,200 & &\end{array}$