On November 1 of the current year, Lois Bell began Lois Bell, Interior Design with an initial investment of $50,000 cash. On November 30 her records showed the following (alphabetically arranged) items and amounts.
Accounts payable $12,000 Accounts receivable $23,000
Cash $20,000 Fees earned $30,000 Notes Payable $4,250
Office furnishings $40,000 Owner's withdrawals $6,000
Prepaid expense 200 Rent expense $3,600
Salaries expense $6,200 Telephone expense $250
Unearned fees $3,000
Net income on the November 30 income statement would be:
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On November 1 of the current year, Lois Bell began Lois Bell, Interior Design with an initial invest...
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