Accounting equation

Introduction to Accounting Assignment 1 Due date: 25 January 2023 P1.7B Lynn Barry started her own consulting firm, Barry Consulting, on June 1, 2021. The following transactions occurred during the month of June: June 1 Sold her shares in Big Country Airlines for $7,000, which she deposited in her personal bank account. 1 Transferred $6,000 from her personal account to a business account in the name of Barry Consulting. 2 Paid $900 for office rent for the month. 3 Purchased $545 of supplies on account. 5. Paid $95 to advertise in the County News. 9 Received $3,275 for services provided. 12 Withdrew $600 for personal use. 15 Performed $5,000 of services on account. 17 Paid $1,800 for employee salaries. 21 Received \$3,000 for services provided on account on June 15. 22 Paid for the supplies purchased on account on June 3. 25 Signed a contract to provide consulting services to a client for $5,500. Services will be performed and paid for in July. 26 Borrowed \$5,500 from the bank and signed a note payable. 29 Used part of the cash borrowed from the bank on June 26 to purchase equipment for $2,150. 30 Paid $150 for telephone service for the month. 30 Received $2,500 from client for consulting to be provided in July. Instructions: a. Prepare a tabular analysis of the effects of the above transactions on the accounting equation. (25 b. Prepare an Income Statement and owner's equity for the month ended June 30. c. Prepare a balance sheet at June 30. Total Marks 50