#1) Write journal entries for each of the transactions. Please use proper journal entry form.

#2) Transfer the journals to T-accounts and find each accounts' ending balance.

#3) Create a Trial Balance to make sure the debits =credits. Then, create the Income Statement, Statement of Owner's Equity, and Balance Sheet.

TRANSACTIONS a. John Arrow invested $40,000 in cash to start the business. b. Paid $4,000 for advertisements in a design magazine. c. Purchased office furniture for $4,600 in cash. d. Performed services for $9,100 in cash. e. Paid $420 for the monthly telephone bill. f. Performed services for $3,120 on credit. g. Purchased a fax machine for $650; paid $150 in cash with the balance due in 30 days. h. Paid a bill for $1,100 from the office cleaning service. i. Received $4,260 from clients on account. j. Purchased additional office chairs for $1,090; received credit terms of 30 days. k. Paid $8,000 for salaries. l. Issued a check for $550 in partial payment of the amount owed for office chairs. m. Received $4,600 in cash for services performed. n. Issued a check for $920 for utilities expense. o. Performed services for $4,300 on credit. p. Collected $1,800 from clients on account. q. John Arrow withdrew $5,000 in cash for personal expenses. r. Paid $1,200 to Quick Copy Service for photocopy work performed during the month. TRANSACTIONS a. John Arrow invested $40,000 in cash to start the business. b. Paid $4,000 for advertisements in a design magazine. c. Purchased office furniture for $4,600 in cash. d. Performed services for $9,100 in cash. e. Paid $420 for the monthly telephone bill. f. Performed services for $3,120 on credit. g. Purchased a fax machine for $650; paid $150 in cash with the balance due in 30 days. h. Paid a bill for $1,100 from the office cleaning service. i. Received $4,260 from clients on account. j. Purchased additional office chairs for $1,090; received credit terms of 30 days. k. Paid $8,000 for salaries. l. Issued a check for $550 in partial payment of the amount owed for office chairs. m. Received $4,600 in cash for services performed. n. Issued a check for $920 for utilities expense. o. Performed services for $4,300 on credit. p. Collected $1,800 from clients on account. q. John Arrow withdrew $5,000 in cash for personal expenses. r. Paid $1,200 to Quick Copy Service for photocopy work performed during the month