Tech Innovators

Transaction	Description	Amount
1	Issued common stock	$250,000
2	Purchased office furniture on credit	$35,000
3	Paid rent	$12,000
4	Provided services on account	$40,000
5	Paid employee wages	$20,000
6	Collected receivables	$30,000
7	Paid for office supplies	$4,000

Requirement: Record journal entries and prepare an income statement.