Reference no: EM132907270
Question - During January 2018, the first month of operations, Jackson, LLC, a consulting firm, had following transactions:
January 1st: Issued common stock to owners in exchange for $20,000 cash.
January 1st: Purchased $6,000 of equipment, paying $1,000 cash and signing a promissory note for $5,000. Depreciation expense is $1,200 per year.
January 19th: Purchased $1,500 of supplies on account; all of the supplies were used in January.
January 20th: Provided consulting services on account in the amount of $16,000.
January 23rd: Paid $650 on account related to January 19th transaction.
January 25th: Paid $3,500 to employees for work performed during January.
January 26th: Received $9,000 in cash for consulting services performed in January.
January 30th: Received a bill for utilities for January of $3,100; $2,000 was paid and the remaining portion will be paid next month.
Required - How much expense will be reported on the income statement for the month ended January 31st?
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