rent-a-car business

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).

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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.


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