Analyze common business transactions for a sole proprietorship service firm and enter them into t-accounts. Determine the proper balance of the t account. Prepare a trial balance using the t-accounts. Analyze the results of the business and comment on some common ratios. Prepare a set of financial statements for a sole proprietorship who is engaged in a service oriented business. Create a Chart Problem Data Analyze each transaction below. TRANSACTIONS The following transactions happened during January, the first month of a brand new business. 1. On the first day of January, the owner, Ms. Sheila Mane, invested $50,000 cash in the name of the business. The Mane Event. This company performs cosmetology services for a client base. 2. Prepaid the rent for the next three months in the amount of $6,000. 3. Purchased office supplies for $3,000 in cash. 4. Purchased Equipment $20,000 for the Salon paying $5,000 down and the remainder on account.. 5. Collected fee income cash- of $26,000 for the first part of the month. 6. Paid the current month's utilities expense of $2,500. 7. Had a bridal party in for up dos and nail services. Billed the brides mother for services totaling $3,000 to be paid next month. 8. Paid employees wages of $4,600. 9. Paid telephone bill of $580. 10. Purchased more supplies of $1,100 on account. 11. Paid $25.00 to the Donut Nut to provide refreshments to the employees to celebrate the first successful month of business. 12. Collected $1,000 from the brides mother who was previously billed. 13. Clients paid a total of $9,100 cash in fees for the second half of the month. 14. The owner (Sheila Mane) took a cash withdrawal of $6,500.