I need to know how to fill out the income statement
Elizabeth River Business Consultants Income Statement For the Month Ended August 31, 2020 Revenues: Expenses Total expenses Net income (loss) Elizabeth River Business Consultants Retained Earnings Statement For the Month Ended August 31, 2020 Accounts Debit Credit Cash $ 26,150 Accounts receivable 6,000 Supplies 3,450 Utility Expense Payable $ 2,000 Uneamed service revenue 5,600 Common stock 18,000 Retained earnings 10,000 $ 35,600 $ 35,600 The company engaged in the following transactions during August 2020, and adjusts its accounts monthly Date Transaction/Events August 1 Purchased Equipment, paying $20,000 cash, and signing a 2-year note payable for $100,000. The Equipment has a 4-year useful life. The note has a 6% interest rate, which is payable on the first day of each following month. 2 Issued 20,000 shares of common stock for $250,000 cash. 3 Paid $18,000 cash for a 12-month insurance policy effective August 1. 3 Paid two months' rent for August and September at an annual lease of office space for $20,000 per month. 6 Paid $19,000 for supplies. 9 Visited client offices and agreed on the terms of a consulting project. Elizabeth River will bill the client every month on the 20th of each month for services performed. 10 Collected $6,000 cash on account from Niki Brothers. This client was billed in July when Elizabeth River performed the service. 13 Performed services for Jedai Enterprises. This client paid $5,600 in advance last month. All services relating to this payment are now complete. 14 Paid $2,000 cash for a utility bill. This related to July utilities that were accrued at the end of July. 16 Signed a contract with a new client, Tina Technologies. Received $60,000 cash in advance for future services to be performed. 18 Paid semi-monthly salaries for $ 55,000 20 Performed services worth $ 140,000 on the account, and customers were billed. 20 Received a bill for $11,000 for advertising services received during August, but the amount is not due until September 15. 23 Completed the part of the project for Tina Technologies. Recognized $50,000 of revenue from the cash advance received on August 16. 27 Received $75,000 in cash from customers who were billed on August 20 31 Declared and paid dividends of $2.000 Adjustment data: 1 Adjustment of prepaid insurance for the expired portion. 2. Adjustment of prepaid rent for the expired portion. 3. Supplies used during the month were $5,250. 4. Depreciate Equipment for the month of August 5. Accrual of interest on the note payable. (Hint: Principal x Rate x Time to compute interest.) 6. Salaries for the second half of August accrued $55,000, to be paid on September 1. 7. Estimated utility expense for August aceed, S4,000 (invoice will be received next month). 8. Income tax expense for August, $6,000, will be paid in September The chart of accounts for Elizabeth River Business Consultants contains the following accounts: Code Account Head 101 Cash 102 Accounts Receivable 103 Supplies 104 Prepaid Insurance 105 Prepaid Rent 106 Equipment 107 Accumulated Depreciation-Equipment 201 Advertising Expense Payable 202 Notes Payable 203 Interest Payable 204 Income Taxes Payable 205 Salaries and Wages Payable 206 Uneared Service Revenue 207 Utility Expense Payable 301 Common Stock 302 Retained Earnings 303 Dividends 304 Income Summary 401 Service Revenue 501 Supplies Expense 502 Depreciation Expense 503 Insurance Expense 504 Salaries and Wages Expense 505 Advertising Expense 506 Income Tax Experise 507 Interest Expense 508 Rent Expense 509 Uulity Expense Comprehensive Probl Credit Balances Elizabeth River Business Consultants Adjusted Trial Balance August 31, 2020 Debit Balances Cash 261,150 Accounts Receivable 65,000 Supplies 16,200 Prepaid Insurance 16,500 Prepaid Rent 20,000 Equipment 120,000 Accumulated Depreciation Advertising Expense Payable Notes Payable Interest Payable Income Tax Payable Salaries and Wages Payable Unearned Service Revenue Utilities Expense Payable Common Stock Retained Earnings Dividends 2,000 Service Revenue Supplies Expense 6,250 Depreciation Expense 2,500 Insurance Expense 1,500 Salaries and Wages Expense 110,000 Advertising Expense 11,000 Income Tax Expense 6.000 Interest Expense 500 Rent Expense 20,000 Utilities Expense 4,000 662 600 2,500 11,000 100,000 500 6,000 55,000 10,000 4,000 268,000 10,000 195,600 662 600