Atty. Maureen Ignacio, CPA opens her own law office on July 1, 2020. During the first month of operations, the following transanctions occurred.

1. Joan invested P11,000 in cash in the law practice.

2. Paid P800 for July rent on office space.

3. Purchased officd equipment on account P3,000

4. Provided legas services to clients for cash P1,500

5. Borrowed P700 cash from a bank on a note payable

6. Performed legal services for client on account P2,000

7. Paid monthly expenses: salaries P500, utilities P300, and telephone P100

8. Joan withdraws P1,000 cash for personal use

Instruction:

Prepare the income statement, statement of changes in owner's equity, and balance sheet at july 31 for Maureen Ignacio, CPA.