Following are the general entry to the given question:
For Question 1:
Date             Account Titles and Explanation                   Dr              Cr
31-Jan-2024              Revenue Service                      $17,500  
                                    Summary of Income                                    $17,500
                              (Finishing the revenue account)  
31-Jan-2024     Summary of Income                        $7,100  
                                   Expense of Salary                                     $3,600
                                    Expense on rent                                             $1,800
                         Expense of Depreciation - equipment                   $300
                                Expense on Supplies                                            $400
                                  Expense on Utilities                                           $1,000
                            (To close the expenditure account)  
31-Jan-2024    Summary of Income                           $10,400  
                                 Retained Earnings                                    $10,400
                  (To bring net income into line with retained profits)  
31-Jan-2024          	Retained Earnings                       $1,000  
                                              Dividend                                             $1,000
                (To close net dividend to retained earnings)  
For Question 2:
A net income of $10,400 is generated. They may compute it by subtracting total expenses from the entire revenue.
Total Revenue= $17,500
Total Expenses=$7,100

                   
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