DMS Consunji

Consulting Dannie Consunji started her own consulting firm, DMS Consulting, on May 2015. The following transactions occurred during the month of May:

Include explanation for any changes in the DMS Consunji, Capital account in your analysis

Question: Prepare an income statement for the month of May.

May 1	Consunji invested P160,000 cash in the business
2	Paid P16,000 for office rent for the month
3	Purchased P10,000 of supplies on account
5	Paid P1,000 to advertise in the Daily News
9	Received P60,000 cash for services provided
12	Withdrew P14,000 cash for personal use
15	Performed P66,000 of services on account
17	Paid 60,000 for employee salaries
20	Paid for the supplies purchased on account on 3 May.
23	Received cash payment of P40,000 for services provided on account on 15 May
26	Borrowed P100,000 from the bank on a note payable.
29	Purchase office equipment for P48,000 on account
30	Paid P3,000 utilities