The transactions relating to the formation of Blue Co. Stores, Inc., and its first month of operations follow.

a.	The firm was organized and the stockholders invested cash of $8,400.
b.	The firm borrowed $5,900 from the bank; a short-term note was signed.
c.	Display cases and other store equipment costing $1,550 were purchased for cash. The original list price of the equipment was $2,000, but a discount was received because the seller was having a sale.
d.	A store location was rented, and $1,550 was paid for the first month's rent.
e.	Inventory of $14,200 was purchased; $8,000 cash was paid to the suppliers, and the balance will be paid within 60 days.
f.	During the first week of operations, merchandise that had cost $4,200 was sold for $5,600 cash.
g.	A newspaper ad costing $110 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month.
h.	Additional inventory costing $4,300 was purchased; cash of $1,300 was paid, and the balance is due in 30 days.
i.	In the last three weeks of the first month, sales totaled $13,500, of which $9,200 was sold on account. The cost of the goods sold totaled $8,400.
j.	Employee wages for the month totaled $1,800; these will be paid during the first week of the next month.
k.	The firm collected a total of $4,000 from the sales on account recorded in transaction i.
l.	The firm paid a total of $4,300 of the amount owed to suppliers from transaction e.

Required:

a.	Record each transaction in the appropriate columns. (Enter decreases to account balances as a negative)

b.	Calculate the total assets, liabilities, and stockholders' equity at the end of the month and calculate the amount of net income for the month.