On September 1, Pat Hopkins established On a Cloud Corporation (OCC) as a provider of cloud computing services. Pat contributed $14,000 for 1,400 shares of OCC. On September 8, OCC borrowed $34,500 from a bank, promising to repay the bank in two years. On September 10, OCC wrote a check for $25,500 to acquire computer equipment. On September 15, OCC received $1,100 of supplies purchased on account and, on September 16, paid $2,450 for September rent. Through September 22, OCC billed its customers for $12,250 of services, of which OCC collected $6,450 in cash. On September 28, OCC paid $555 for Internet and phone service this month. On September 29, OCC paid wages of $4,300 for the month. Finally, on September 30, OCC submitted its electricity meter reading online and determined that the total charges for the month will be $790. This amount will be paid on October 14 through a preauthorized online payment.

1. Indicate the accounting equation effects of the September events using a table (Assets= Liabilities + Stockholders equity). Reference each transaction by date.

2. Calculate OCC's preliminary net income for September