14 Jan Based on Problem 2-9A, prepare an income statement
Based on Problem 2-9A, prepare an income statement for Jay Pembroke for the month of April 20. Problem 2-9A: Jay Pembroke started a business. During the first month (April 20), the following transactions occurred. (a) Invested cash in business, $18,000. (b) Bought office supplies for $4,600: $2,000 in cash and $2,600 on account. (c) Paid one-year insurance premium, $1,200. (d) Earned revenues totaling $3,300: $1,300 in cash and $2,000 on account. (e) Paid cash on account to the company that supplied the office supplies in transaction (b), $2,300. (f) Paid office rent for the month, $750. (g) Withdrew cash for personal use, $100.
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