Isabelle Limited started business on 1 September 2022. During the first month in business the following transactions occurred.

a Issued share capital, $100 000.

b Paid one month’s rent of $2000.

c Provided services to customers on credit, $30 000; $11 000 of this amount had been received by the end of the month.

d Paid wages of $7000.

e Received a $1000 bill for cleaning services on the newly rented property. The bill will be paid in October.

Required:

1 Prepare an income statement for the month of September 2022.

2 Prepare a balance sheet at 30 September 2022.