1. (30 Points) Prepare journal entries for the transactions for Beam Co for the month of July 2020. 712 Barry Beam invested 30,000 to start the business 7/5 Purchased 1,500 of supplies for cash 779 Purchased advertising from Evening Journal at a cost of 1,250 payable in 15 days. 7/15 Provided 2,000 of service to H Co. collected 500 cash and balance on account 7/19 Paid for advertising purchased from the Evening Journal on 7/9 7/21 Purchased equipment from T Co. for 6,500, paid cash 1,500 and balance on account 7/25 Hired assistant at a salary of 750 per week 7/28 Received 1,000 cash advance for service to be provided in August 7/30 Received utility bill for 225 7/31 Collected accounts receivable from H Co. 7/31 Beam withdrew 2,000 cash for personal use 2. (40 Points) Davidson Company was started on May 1, 2020 by Jane Davidson. Using the adjusted account balances below, prepare IN GOOD FORM the Income Statement, Owner's Equity Statement and Balance Sheet for the month ended May 31, 2020. Advertising Expense Accounts Payable Accounts Receivable Accumulated Depreciation: Equipment Cash Depreciation Expense Equipment Insurance Expense Interest Expense Notes Payable Prepaid Insurance Rent Expense Salaries Expense Salaries Payable Service Revenue Owner's Capital Owner's Drawing Supplies Supplies Expense Uneamed Revenue 6,000 11,000 15,400 8,000 10,300 14,000 34,000 4,000 1,800 12,000 2,800 3,000 41,000 4.500 90,000 20,000 10,000 2,500 5,700 5.000