Problem
Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. During July, the company completed the following transactions.
July 1 Stockholders invested $19,000 cash in the business in exchange for common stock.
1 Purchased a used truck for $11,000, paying $2,900 cash and the balance on account.
3 Purchased cleaning supplies for $900 on account.
5 Paid $2,208 on a 1-year insurance policy, effective July 1.
12 Billed customers $3,500 for cleaning services.
18 Paid $1,300 of amount owed on truck, and $260 of amount owed on cleaning supplies.
20 Paid $1,500 for employee salaries.
21 Collected $1,800 from customers billed on July 12.
25 Billed customers $1,800 for cleaning services.
31 Paid gasoline for the month on the truck, $400.
31 Declared and paid a $700 cash dividend.
Prepare the income statement for July 31, 2017.