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Victoria Rivera owns and manages a consulting firm called Prisek, which...

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Accounting

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Victoria Rivera owns and manages a consulting firm called Prisek, which began operations on July 1. On July 31, the company's records show the following selected accounts and amounts for the month of July. 121LT Equipment.............$12,000 Salaries expense ....... 9,000 Consulting revenue ..... 36,000 Cash... 24,000 Utilities expense... 600 Note payable .......... 7,200 Accounts receivable........$10,500 Common stock. 34,800 Dividends 6,000 Office supplies... 4,500 Rental revenue... 1,500 Advertising expense.. 1,200 Prepaid insurance.. Accounts payable....... Note receivable ...... Rent expense ......... Unearned revenue...... $3,000 3,900 7,500 6,000 900 Required 1. Prepare a July income statement for the business. 2. Prepare a July statement of retained earnings. The Retained Earnings account balance at July 1 was $0, and the owner invested $34,800 cash in the company on July 2 in exchange for common stock. 3. Prepare a July 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2

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