[The following information applies to the questions displayed below.] On September 1, Pat Hopkins established Ona Cloud Corporation (OCC) as a provider of cloud computing services. Pat contributed $15,000 for 1,500 shares of OCC. On September 8, OCC borrowed $23,000 from a bank, promising to repay the bank in two years. On September 10, OCC wrote a check for $20,500 to acquire computer equipment. On September 15, OCC received $1,650 of supplies purchased on account and, on September 16, paid $2,250 for September rent. Through September 22, OCC provided its customers $10,250 of services, of which OCC collected $7,500 in cash. On September 28, OCC paid $325 for Internet and phone service this month. On September 29, OCC paid wages of $5,650 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 $730. This amount will be paid on October 14 through a preauthorized online payment.

Required:

1. Indicate the accounting equation effects of the September events, using table below. (Enter any decreases to account balances with a minus sign.
2. Using your answer to part 1 or 2, calculate OCCs preliminary net income for September

3. Is OCC profitable, based on its preliminary net income?

X Answer is not complete. Assets Liabilities Stockholders' Equity eptember Cash 15,000 Notes Payable (long-term) 23,000 X Common Stock 15,000 eptember Cash 23,000 eptember Accounts Payable 1,650 Equipment Supplies Supplies 20,500 (20,500) 1,650 eptember Supplies Expense (2,250) X eptember Cash (2,250) Rent Expense (2,250) 10,250 eptember Cash Service Revenue Accounts Receivable 7,500 2,750 (325) eptember Cash Utilities Expense eptember Cash (5,650) Salaries and Wages Expense (325) (5,650) (730) eptember Accounts Payable 730 Utilities Expense