On july 1, 2016, pat glenn established half moon realty. pat completed the following transactions during the month of july.

a. opened a business bank account with a deposit of $25,000 from personal funds.
b. purchased office supplies on account, $1,850.
c. paid creditor on account, $1,200.
d. earned sales commissions, receiving cash, $41,500.
e. paid rent on office and equipment for the month, $3,600.
f. withdrew cash for personal use, $4,000.
g. paid automobile expenses (including rental charge) for month, $3,050, and miscellaneous expenses, $1,600.
h. paid office salaries, $5,000.
i. determined that the cost of supplies on hand was $950; therefore, the cost of supplies used was $900.

required:
prepare an income statement for july 31. if a net loss has been incurred, enter that amount as a negative number using a minus sign. refer to the list of accounts on the accounting equation grid and the lists of labels and amount descriptions for the exact wording of the answer choices for text entries. be sure to complete the statement heading. you will not need to enter colons (: ) on the income statement.

labels
expenses:
for the month ended july 31, 2016:
july 31, 2016:
amount descriptions:
decrease in owner’s equity:
increase in owner’s equity :
investment on july 1, 2016:
less withdrawals:
net income:
net income for july:
net loss :
net loss for july :
pat glenn, capital, july 1, 2016 :
pat glenn, capital, july 31, 2016:
plus withdrawals :
total assets :
total expenses :
total liabilities and owner’s equity :