1)Dr. Jones decides to open a real estate company which he names, Comfort Realty, Inc.

Prepare summary of transaction. You are to show their effects on the three components of the basicbalance sheet accounting equation and specific items within each component

b.Present the income statement, owners' equity statement, and the balance sheet for the month ended September 30, 2018

The following transactions were made over the period:

I.On September 1, 2018, Dr. Godwin invested $15,000 cash in the business

II.On September 3, 2018, Comfort Realty purchases computer equipment for $7,000 cash.

III.On September 4, 2018, Comfort realty purchases for $1,600 from ACME supply company computer paper and other supplies exacted to last several months. ACME agrees to allow Comfort Realty to pay this bill in October

IV.On September 10, 2018, Comfort realty receives $1,200 cash from customers for rental services it has provided

V.September 11, 2018, Comfort realty receives a bill for $250 from the daily News for advertising but postpones payment until a later date

VI.September 12, 2018, Comfort realty provides $3,500 real estate services for customers. The company receivescash of $1,500 from customers, and it bills the balance of $2,000 on account

VII.September 23, 2018, Comfort realty pays its $250 Daily News bill in cash

VIII.September 28, Comfort realty receives $600 in cash from customers who had been billed for services (item vi)

IX.September 29, 2018, Dr. Jones withdrawals $1,300 in cash from the business for a friend.

X.On September 30, 2018, Comfort Realty pays the following expenses in cash for September: store rent $600, salaries of employees $900, and utilities $200

As the accountant of the company, you have been asked to do the following: