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Kristin Malone opened Kristins Maids Cleaning Service on July 1, 2017. During July, the company completed the following transactions. July 1 Stockholders invested $19,000 cash

Kristin Malone opened Kristin’s Maids Cleaning Service on July 1, 2017. During July, the company completed the following transactions.

July

1

Stockholders invested $19,000 cash in the business in exchange for common stock.

1

Purchased a used truck for $10,000, paying $3,200 cash and the balance on account.

3

Purchased cleaning supplies for $800 on account.

5

Paid $1,692 on a 1-year insurance policy, effective July 1.

12

Billed customers $4,000 for cleaning services.

18

Paid $1,000 of amount owed on truck, and $260 of amount owed on cleaning supplies.

20

Paid $1,500 for employee salaries.

21

Collected $1,800 from customers billed on July 12.

25

Billed customers $1,800 for cleaning services.

31

Paid gasoline for the month on the truck, $400.

31

Declared and paid a $700 cash dividend.

Prepare the income statement for July 31, 2017.

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