Public Relations, Inc., managed a grand opening party on behalf of a new restaurant on April 15,

Question:

Public Relations, Inc., managed a grand opening party on behalf of a new restaurant on April 15, 2009. Public Relations charged the restaurant $2,100. The restaurant paid for $1,800 of the bill from Public Relations, Inc., on April 20, 2009. The remaining balance was paid on May 5, 2009. How did these transactions affect Public Relations’ income statement for the month of April and the at April 30, 2009?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...