The equation below shows the transactions of Kathryn Proctor, Attorney and Counselor at Law, during August. This law firm is owned by Kathryn Proctor. INSTRUCTIONS Analyze each transaction carefully. Prepare an income statement and a statement of owner’s equity for the month. Prepare a balance sheet for August 31, 2019. List the expenses in detail on the income statement. Analyze: In order to complete the statement of owner’s equity, which amount was transferred from the income statement? View Solution:
The equation below shows the transactions of Kathryn Proctor Attorney

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