Abe Factor opened a new accounting practice called X-Factor Accounting and completed these activities during March 2020: March 1 Invested $50,000 in cash and office equipment that had a fair value of $12,000. 1 Prepaid $9,000 cash for three months' rent for an office. 3 Made credit purchases of used office equipment for $6,000 and office supplies for $1,200. 5 Completed work for a client and immediately received $6,200 cash. 9 Completed a $4,000 project for a client, who will pay within 30 days. 11 Paid the account payable created on March 3. 15 Paid $3,000 cash for the annual premiun on an insurance policy. 20 Received $1,500 as partial payment for the work completed on March 9. 22 placed an order with a supplier for $4,800 of supplies to be delivered April 7. They must be paid for within 15 days of being received. 23 Completed work for another client for $2,850 on credit. 27 Abe Factor withdrew $3,600 cash from the business to pay some personal expenses. 30 Purchased $650 of additional office supplies on credit. 31 Paid $860 for the month's utility bill. Prepare an income statement and statement of changes in equity for the month ended March 31, 2020, and a balance sheet at March 31, 2020 Prepare an income statement and statement of changes in equity for the month ended March 31, 2020, and a balance sheet at March 31, 2020 X-FACTOR ACCOUNTING Income Statement For Month Ended March 31, 2020 Revenues es Operating expenses X-FACTOR ACCOUNTING Statement of Changes in Equity For Month Ended March 31, 2020 Abe Factor, capital, March 1 Less Investments by owner Total $ Abe Factor, capital, March 31 X FACTOR ACCOUNTING Balance Sheet March 31, 2020 Assets Liabilities Equity Total assets $ 0 Total liabilities and equity $ 0