Reference no: EM132825305
Question - Business consulting Accounting service company was incorporated on June: 1/2015 test month of operating the following transactions occurred.
1. Shareholders invested 12,000,000.00 in cash in exchange to business consulting service company.
2. Paid 1,000,000.00 for June rent on office space.
3. Purchased office equipment on account 4,000,000.00.
4. Provided business consulting services to clients for each 1,800,000.00.
5. Borrowed 900,000.00 Cash from a bank on a note payable.
6. Performed business consulting services for client on account 2,000,000.00.
7. Paid monthly expenses. Salaries 500,000 Utilities 300,000 and advertising 100, 00, and Rent office 1,000,000.00.
Required -
a) Prepared tabular summary of the transactions.
b) Prepare the income statement.
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