Analyse the effect of each transaction during the month of October 2019 and the balances for all of the accounts after all transactions have been recorded. This is the first month for the business so there is No beginning balances exist in the accounts. Answer the following questions when you record the transactions listed below:

a.Opened a business bank account for Jones, Inc., with an initial deposit of $54,000 in exchange for common stock.

b. Paid rent on the office building for the month, $2,500.

c. Received cash for fees earned of $6,000.

d. Purchased equipment, $8,000.

e. Borrowed $25,000 by issuing a note payable.

f.Paid salaries for the month, $1,500.

g. Received cash for fees earned of $9,500.

h. Paid dividends, $3,500.

i.Paid interest on the note, $150.

To answer the questions, you will have to type the question number then the answer next to it - see example below

Question 10 answer is $275

Question 11 answer is $100,000

Answer the following questions after you have process the above information:

1). What is the Cash balance at the end of the month? _________

2). What is the Total Assets at the end of the month? __________

3). What is the amount at the end of October for Common Stock? _______

4). What is the balance at the end of October for Retained earnings? _______

5). What is the Total Equity for the month of October? __________

6). What is the Total of Liabilities and Equity at the end of the month of October?

7). Fill in the following Statements:

For the Income Statement

7a). Total Revenue

7b). Rent Expense

7c). Salary Expense

7d). Interest Expense

7e). Net Profit

For the Statement of Owners Equity

7f). Dividends

7g). Retained Earnings

For the Balance Sheet

Assets - section

7h). Cash Account

7i). Equipment

7j). Total Assets

Liabilities - section

7k). Notes Payable

7l). Loans Payable

7m). Total Liabilities

Owners' Equity section

7n). Common Stock

7o). Retained Earnings

7p). Total Owner's Equity

8). What is the Accounting Equation?