Guy McKinley Started the McKinley Charter Service at the Beginning

Essay

Guy McKinley started the McKinley Charter Service at the beginning of August 2013. On August 31, 2013, the accounting records of the business showed the following information. Prepare an income statement and a statement of owner's equity for the month and a balance sheet as of August 31, 2013. $$\begin{array} { l r l r } \text { Equipment } & \$ 17,000 & \text { Rent Expense } & \$ 4,500 \\\text { Accounts Receivable } & 2,600 & \text { Cash } & 5,000 \\\text { Fees Income } & 28,000 & \text { Salaries Expense } & 9,600 \\\text { Boats } & 103,000 & \text { Utilities Expense } & 1,900 \\\text { Gasoline Expense } & 6,500 & \text { Supplies } & 2,300 \\\text { Loans Payable } & 77,500 & \text { Initial Investment } & 51,000 \\\text { Owner's Withdrawal } & 4,100 & &\end{array}$$