Income Statement Jay Pembroke started a business. During the first month (April 20--), the following transactions occurred. a. Invested cash in business, $20,000. b. Bought office supplies for $4,900: $2,100 in cash and $2,800 on account. c. Paid one-year insurance premium, $1,200. d. Earned revenues totaling $3,100: $1,200 in cash and $1,900 on account. e. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,500. f. Paid office rent for the month, $750. g. Withdrew cash for personal use, $150. The effect of each transaction is shown in the individual accounts of the expanded accounting equation. Assets Liabilities + Owner's Equity (Amts. Owed) (Owner's Investment) (Earnings) (Items Owned) Accounts Office Receivable Supplies Cash + + + Prepaid Insurance Accounts Payable J. Pembroke, Capital J. Pembroke, Drawing + Revenues - Expenses Description 20,000 b. 4,900 2,800 c. 1,200 20,000 (2,100) (1,200) 1,200 (2,500) (750) d. 1,900 3,100 Service fees e. (2,500) f. 750 Rent expense 150 g. (150) Bal. 14,500 + 1,900 4,900 1,200 300 20,000 150 3,100 750 Required: Use the accounting equation to prepare an income statement for Jay Pembroke for the month of April 20- Jay Pembroke Income Statement For Month Ended April 30, 20