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On March 1, Kate Harbour started Skin Care Co. a company that provides individual skin car treatment to clients. She invested $27,200 cash in the business. Listed below alphabetically are the assets and liabilities of the company at March 31, and the revenues and expenses for the month of March.
Accounts Payable $1,200
Gas & Oil expense $ 800
Accounts Receivable 4,000
Notes payable 13,000
Advertising Expense 500
Service revenue 6,500
Supplies expense 1,200
Utilities expense 300
Kate invested $5,000 additional cash and withdrew $1,500 in cash for personal use during the month of March.
Instructions: Prepare an Income Statement, Statement of Owner’s Equity for the month of March, and a Balance Sheet at March 31, 2020.