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21. The account balances of Lovelady Travel Services at December 31, 2007 are listed below:...

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21. The account balances of Lovelady Travel Services at December 31, 2007 are listed below: Accounts Payable Accounts Receivable Cash Computer Equip Fees Earned Rent Expense P12,000 6,000 16,000 13,000 47,000 6,000 Lovelady, Capital Supplies Taxes Expense Utilities Expense Wages Expense Supplies Expense P10,000 2,000 300 4,000 21,000 700 Prepare and income statement, statement of owner's equity, and a balance sheet as of December 31, 2007

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