UrbanStyle Fashion

Transaction	Description	Amount
1	Issued common stock	$250,000
2	Bought inventory on credit	$70,000
3	Paid for advertising	$10,000
4	Sold fashion items on account	$120,000
5	Paid wages	$50,000
6	Collected receivables	$100,000
7	Paid for utilities	$5,000

Requirement: Record transactions, post to the ledger, and prepare an income statement.