Following are the accounts maintained by OLX corporation. You need to prepare the income statement and the statement of owners equity for the month ended December 31, 2020. (10 marks)

Cash $10,000 Accounts Receivable $200,000 Service Revenue $150,000

Rent Expense 18,000 Insurance Expense 12000 Drawings 11000

Office Supplies 2000 Salaries expense 10,000 Salaries Payable 5000

Owners equity, December 1,2020 $60,000 Interest Expense 15,000