After its first month of operations, Paquette Advisors showed the following account balances in its general ledger accounts (T- accounts) as at january 31,

CHECK FiGURES: 4. Profit = $21,700; 6. Total assets = $35,400

Debit. Debit

Cash Accounts Receivable

15,000. 3,800

Debit

Office Equipment

22,500

Credit. Credit

Accounts Payable. unearned Revenue

8,000 2,600

Credit

Aaron Paquette, Capital

9,500

Debit

Aaron Paquette, Withdrawals

2,000

Credit. Debit

Consulting Revenues Salaries Expense

41,700. 10,000

Debit. Debit

Rent Expense. Utilities Expense

7,500 1,000

During February, the following transactions occurred:

Feb. 1 Performed work for a client and received cash of 8,500.

Feb. 5 Paid 5,000 regarding outstanding accounts payable.

Feb. 10 Received cash of 3,600 for work to be done in March.

Feb. 12 Called FasCo Rentals to book the use of some equipment next month. The $400 rental will be paid in full when the equipment is returned.

Feb. 17 The owner withdrew cash of 3,000 for personal use.

Feb. 28 Paid salaries of $10,000.

Required

1. Record the jornal entries for the month of February.

2. Post the journal entries to the general ledger (T-accounts). Include the date next to each posting.

3. Prepare a trial balance based on the balances in your T-accounts.

4. Prepare an income statement for the two months ended February 28, 2017.

5. Prepare a statement of changes in equity for the two months ended February 28, 2017.

6. Prepare the balance sheet as at February 28, 2017.