A 1 2 5 3 5b. C H N R Ron Smith opens an apartment - Locator business near a college campus. The Company will be named Campus Apartment Locators. During the first month of operations, July 2018, the business completes the following transactions: Smith Contributes $35,000 to the business. The business gives capital to smith. Purchases $350 of office supplies on account. Pays cash of $30,000 to acquire a lot next to campus Locates apartments for clients and receives cash of $1,900 Pays $100 on the accounts payable the business created in Transaction (b). Pays cash expenses for office rent, $400, and utilities $100. Smith withdrew cash of $1,200. 5 c. 7 d. 8 9 106 11 12 13 14 15 16 17 35 19 Requirement 1 Analyze the preceding transactions in terms of their effects on the accounting equation of Campus Apartment locators 2 Prepare the income statement, statement of owner's equity, balance sheet. 3 Name the three financial statements. Provide a short description of the role that each statement plays in providing accounting information. Assets Uabilities Equity Cash Office + Land Accounts Smith Smith Service Rent Utilities Supplies Payable Capital Withdrawal Revenue Expense Expense . + 2012 35,000 35,000 21 b. 350 350 22 c. 30,000 (30,000) 1,900 23 d. 1,900 11001 Record Transaction Transactions 71003 Prepare Tirucial team 35,000 35,000 b. 350 350 c. (30,000) 30,000 d. 1,900 1,900 (100) (100) (400) (100) 5 f. (500) (1,200) (1,200) 26 - 35,000 (1,200) 1,900 (400) 250 (100) 350 5,100 30,000 0 27 28 29 + Campus Apartment locators Income Statement Campus Apartment Locator Statement of wet's Equity Campus Apartment locaton Balance Sheet 0 table Assets C Office Supplies 10 Smith Captial beaning of month Owner Contribution Own Withdrawal Net Income Service Revenue Expenses Rent Expense Vuilities Expense 0 SC 12 0 fotbal Total Expenses 0 Totale Smith Capital and of month D 16 Net Income