Brooklyn Repair Shop was started on May 1 by Brooklyn. A summary of May transactions id presented below.

1. Invested $10,000 cash to start the repair shop.

2. Purchased equipment for $5,000 cash.

3. Paid $400 cash for May office rent.

4. Paid $500 cash for supplies.

5. Incurred $250 of advertising costs in the Beacon News, on account.

6. Received $3,100 in cash from costumers for repair service.

7. Withdrew $1,000 cash for personal use.

8. Paid part-time employee salaries $1,000.

9. Paid utility bills $140.

10. Provided repair service on account to costumers $850.

11. Collected cash of $120 for services billed in transaction (10)

    Instruction a) Prepare a tabular analysis of the transactions, using the following column headings: Cash, Account Receivable, Supplies, Equipment, Account Payable, and Brooklyn, Capital. Revenue is called Service Revenue.

    b) From an analysis of the column Brooklyn, Capital, compute the net income or net loss for May.