Analyze the effect of the transa

Calculate the profit for January $20$XX$.$

Problem $2\mathrm{.}10$ ?Entering Beginning Balances, Analyzing the Effect of Transactions on Asset, Llability and Equity Items and Calculating Profit

In June $20$XX$,$ ?Prasanna set up a debt rating service as a sole proprietorship. At the end, of the month, the business had the following balances: Cash, $?3,000$; Trade Receivables, $?2,000$; Office Supplies, $?1,000$; Office Equipment, $?5,000$; Trade Payables, $?1,000$; Prasanna's Capital, $?10,000.$ ?The following transactions took place in July:

$($a$)$ ?Paid June salaries, $?400.$

$($b$)$ ?Billed clients for services, $?2,000.$

$($c$)$ ?Bought office equipment for cash, $?1,000.$

$($d$)$ ?Bought office supplies on credit, $?100.$

$($e$)$ ?Withdrew cash for personal use, $?1,000.$

$($f$)$ ?Provided services for cash, $?18,000.$

$($g$)$ ?Prasanna invested in the business, $?15,000.$

$($h$)$ ?Collected payments for past invoices, $?1,500.$

$($i$)$ ?Paid electricity expense, $?300.$

$($j$)$ ?Paid for past purchases of office supplies, $?500.$

$($k$)$ ?Paid July salaries, $?400.$

Required

Enter the beginning balances.

Analyze the effect of the transactions on the related asset, liability and equity items.

Calculate the profit for June $20$XX$.$