On January 1, 2012, Carlton Myers established Vista Realty. Carlton completed the following transactions during the month of January:a. Opened a business bank account with a deposit of $25,000 in exchange for capital stock.b. Purchased supplies (pens file folders, paper, etc.) on account, $2,500.c. Paid creditor on account, $1,600.d. Earned sales commissions, receiving cash, $25,500.e. Paid rent on office and equipment for the month, $5,000.f. Paid dividends $8,000.g. Paid automobile expenses (including rental charge) for month, $2,500, and miscellaneous expenses, $1,200.h. Paid office salaries, $3,000.i. Determined that the cost of supplies on hand was $850; therefore, the cost of supplies used was $1,650.Instructions1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:

2. Prepare an income statement for January, a retained earnings statement for January, and a balance sheet as of January31.

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Liabilities + s tackholders Equity Assets CHfice Salaries - Expense - Expense Sales Supplies - Expense Rent Auto Arcounts Capital Misc. Cash - Supplies Payabie + Stack - Diridends + Commiksions Expense - Expense