Required information

On January 1, Year 1, the general ledger of a company includes the following account balances:

Accounts	Debit				Credit
Cash	$	24,400
Accounts Receivable		5,800
Supplies		3,700
Land		56,000
Accounts Payable					$	3,800
Common Stock						71,000
Retained Earnings						15,100
Totals	$	89,900			$	89,900

During Year 1, the following transactions occur:

January		2		Purchase rental space for one year in advance, $7,800 ($650/month).
January		9		Purchase additional supplies on account, $4,100.
January		13		Provide services to customers on account, $26,100.
January		17		Receive cash in advance from customers for services to be provided in the future, $4,300.
January		20		Pay cash for salaries, $12,100.
January		22		Receive cash on accounts receivable, $24,700.
January		29		Pay cash on accounts payable, $4,600.

4. Prepare an income statement for the period ended January 31, Year 1.

Income Statement
For the year ended January 31, Year 1
Revenues:
Service Revenue
Expenses:
Rent Expense
Salaries Expense
Supplies Expense
Total Expenses	0
Net Income