Jay Fuerth decided to start his own rent-a-car business after graduation. Fuerth’s Rent-a-Car had the following ending
balances after the first month of operations (May 2018).
Ending Balances – May 31, 2018
Accounts Payable $ 600
Automobile $ 35,700
Capital Invested in May $ 19,300
Cash $ 9,300
Interest Expense $ 600
Fuerth, Capital, May 1, 2018 $ 0
Fuerth, Withdrawals $ 1,000
Maintenance Expense $ 700
Miscellaneous Expense $ 500
Notes Payable $ 17,700
Prepaid Insurance $ 1,800
Salaries Expense $ 1,100
Service Revenue $ 8,800
Unearned Revenue $ 5,100
Utilities Expense $ 800
Prepare the income statement, statement of owner’s equity, and balance sheet.
Do not enter dollar signs or commas in the input boxes.
Do not use negative signs.
Enter the expenses in alphabetical order on the income statement.
Select the proper order for the headings of the financial statements.