(a) Open the appropriate T-accounts for "Fantacci Beauty Salon" and record the following transactions.

May 1 Sold goods for $800 cash.

2 Bought office supplies on account from Staples Ltd., $170.

3 N. Fantacci, the owner, invested an additional $5000 in the business.

4 Borrowed $9000 from the bank.

5 Paid $200 for advertising.

6 Sold goods on account to L. Smith for $5000.

8 Paid $85 cash to Staples Ltd. on account.

9 Issued a cheque for $2900 to pay salaries.

14 Bought equipment from Acme Supply. The price of the equipment was $700. A down payment of $200 was made.

15 The owner withdrew $1000 cash for personal use.

19 Made a $100 donation to the United Appeal.

21 Issued a $270 cheque to the city water commission.

25 The owner took an old printer home and gave it to her children. The printer is worth $45.

31 Made a $500 payment to the bank to reduce the loan.

(b) Calculate the balance for each T-account.

(c) Prepare a Trial Balance.

(d) Prepare an Income Statement.

(e) Prepare a Balance Sheet (Report Form).