Amy Austin established an insurance agency on March $1$ of the current year and completed the following transactions during March:

a$.$ Opened a business bank account with a deposit of $$50,000$ from personal funds.

b$.$ Purchased supplies on account, $$4,000.$

c$.$ Paid creditors on account, $$2,300.$

d$.$ Received cash from fees earned on insurance commissions, $$13,800.$

e$.$ Paid rent on office and equipment for the month, $$5,000.$

f$.$ Paid automobile expenses for the month, $$1,150,$ and miscellaneous expenses, $$300.$

g$.$ Paid office salaries, $$2,500.$

h$.$ Determined that the cost of supplies on hand was $$2,700$; therefore, the cost of supplies used was $$1,300.$

i$.$ Billed insurance companies for sales commissions earned, $$12,500.$

j$.$ Withdrew cash for personal use, $$3,900.$

INSTRUCTIONS

$1.$ Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:

$2.$ Determine the net income for March

$3.$ How much did March$$s transactions increase or decrease Amy Austin capital?

Please use MS Excel or MS Word to create your file.