On July 1, 2023, Academic Learning Services entered its second month of operations. On July 31, 2023, Breanne Allarie, the owner, finalized the company’s records that showed the following items. Use this information to prepare a July income statement similar to Exhibit 1.8.

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Accounts payable Accounts receivable Cash $2,500 4,000 3,600 Computer equipment 4,200 Furniture 3,800 Breanne Allarie, capital, June 30, 2023* 15,400 Office rent expense 4,500 Owner's investments during July 2023 3,200 Owner's withdrawals 3,000 Supplies 2,080 Textbook rental revenue 500 Tutoring revenue 6,200 Tutors' wages expense Utilities expense 1,740 880