3. Selected transactions for Hannah's Tutoring Services Ltd. during its first month of operations are presented below: Sep. 1 5 Issued common shares for $11,000 cash. Purchased used car for $1,000 cash and $9,000 on account, for use in the business. Billed customers $2,300 for services performed. 11 12 Paid $225 cash to advertise business opening. 19 25 29 30 Instructions Received $1,000 cash from customers billed on September 11. Paid amount owing for used car purchased on September 5. Received $700 cash from a customer for services to be performed in October. Declared and paid $300 of dividends to shareholders. Set up T accounts, post journal entries to the general ledger, and determine the ending balances in each account. 4. On September 1, 2020, Jacob & Sons Ltd. was formed. Its assets, liabilities, share capital, revenues, expenses, and dividends as at September 30 follow: Cash Accounts receivable Supplies Equipment Accounts payable Bank loan payable Common shares $ 26,900 22,600 15,000 372,500 6,400 241,000 180,000 Service revenue 215,300 Interest expense 12,500 Rent expense 12,100 Repair and maintenance expense 40,900 Fuel expense 85,400 Office expense 12,700 Salaries expense 36,600 Income tax expense 2,800 Dividends declared 2,700 Instructions (a) Prepare an income statement, statement of changes in equity, and statement of financial position for the month of September. (a) Explain why it is necessary to prepare the financial statements in the order listed in part (a)