Prepare an income statement for August 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. A. Opened a business bank account with a deposit of $20,000 from personal funds.
B. Purchased office supplies on account, $1,800.
C. Paid creditor on account, $1,350.
D. Earned sales commissions, receiving cash, $40,000.
E. Paid rent on office and equipment for the month, $3,300.
F. Withdrew cash for personal use, $3,600.
G. Paid automobile expenses (including rental charge) for month, $3,050, and miscellaneous expenses, $1,600.
H. Paid office salaries, $3,500.
I. Determined that the cost of supplies on hand was $850; therefore, the cost of supplies used was $950.

Required:
Indicate the effect of each transaction and the balances after each transaction,