^{ANALYSIS OF TRANSACTIONS Nicole Lawrence opened a business called Nickies Neat Ideas in January 20--. Set up T accounts for the following accounts: Cash; Accounts Receivable; Office Supplies; Computer Equipment; Office Furniture; Accounts Payable; Nicole Lawrence, Capital; Nicole Lawrence, Drawing; Professional Fees; Rent Expense; and Utilities Expense. The following transactions occurred during the first month of business. Record these transactions in T accounts. After all transactions have been recorded, foot and balance the accounts if necessary. (a) Invested cash in the business, $18,000. (b) Purchased office supplies for cash, $500. (c) Purchased office furniture for cash, $8,000. (d) Purchased computer and printer on account, $5,000. (e) Received cash from clients for services, $4,000. (f) Paid cash on account for computer and printer purchased in transaction (d), $2,000. (g) Earned professional fees on account during the month, $7,000. (h) Paid office rent for January, $900. (i) Paid utility bills for the month, $600. (j) Received cash from clients that were billed previously in transaction (g), $3,000. (k) Withdrew cash for personal use, $4,000.}

^{TRIAL BALANCE Based on the transactions recorded in Exercise 3-7B, prepare a}

^{trial balance for Nickies Neat Ideas as of January 31, 20--.}

Also an income statement, balance sheet and STATEMENT OF OWNERS EQUITY