BlueSky Electronics started its business operations with the following transactions:
1.Issued common stock for $150,000 cash.
2.Purchased office equipment for $45,000, paying $20,000 in cash and the rest on credit.
3.Paid $10,000 for office supplies.
4.Sold goods worth $15,000 (costing $10,000) on account.
5.Paid salaries of $12,000.
6.Received $8,000 from customers on account.
7.Paid $2,000 for utilities.
Requirement: Record each transaction in the journal and prepare an income statement.