Analyze transaction and compute net income:
1. Invested $15, 000 cash to start the agency.
2. Paid $600 cash for April office rent.
3. Purchased equipment for $3, 000 cash.
4. Incurred $700 of advertising cost in the Chicago Tribune, on account.
5. Paid $800 cash for office supplies.
6. Performed services worth $10, 000: $3, 000 cash is received from customers, and the balance of $7, 000 is billed to customers on account.
7. Withdrew $500 cash for personal use.
8. Paid Chicago Tribune $500 of the amount due in transaction.
9. Paid employees salaries $2, 500.
10. Received $4, 000 in cash from customers who have previously been billed in transaction.