Analyzing transactions and OE financial statements Truro Excavating Co., owned by Raul Truro, began operations in July

Question:

Analyzing transactions and OE financial statements Truro Excavating Co., owned by Raul Truro, began operations in July and completed the following transactions during that first month.
July 1 R. Truro invested $$80,000$ cash in the business.
Rented office space and paid $$700$ cash for the July rent.
3 Purchased excavating equipment for $$5,000$ by paying $$1,000$ cash and agreeing to pay the $$4,000$ balance in 30 days.
6 Purchased office supplies for $$600$ cash.
8 Completed work for a customer and immediately collected $$7,600$ cash for the work.
10 Purchased $$2,300$ of office equipment on credit.
15 Completed work for a customer on credit in the amount of $$8,200.$
17 Purchased $$3,100$ of office supplies on credit.
23 Paid $$2,300$ cash for the office equipment purchased on July 10.
25 Billed a customer $$5,000$ for work completed; the balance is due in 30 days.
28 Received $$8,200$ cash for the work completed on July 15.
30 Paid an assistant’s salary of $$1,560$ cash for this month.
31 Paid $$295$ cash for this month’s utility bill.
31 Truro withdrew $$1,800$ cash for personal use.
Required I. Arrange the following asset, liability, and equity titles in a table like Exhibit 2.1: Cash; Accounts Receivable; Office Supplies; Office Equipment; Excavating Equipment; Accounts Payable; R. Truro, Capital; R. Truro, Withdrawals; Revenues; and Expenses.
2. Use additions and subtractions to show the effects of each transaction on the accounts in the accounting equation. Show new balances after each transaction.
3. Use the increases and decreases in the columns of the table from part 2 to prepare an income statement, and a statement of owner’s equity. Also prepare a balance sheet as of the end of the month.