Analyze: Using the basic accounting equation, what is the financial condition of Sara-Jayne Parsons's business at the end of the month? Complete this question by entering your answers in the tabs below. T Accounts Trial Balance Income Statement of Statement Owners Equity Balance Sheet Analyze Using the basic accounting equation, what is the financial condition of Sara-Jayne Parsons's business at the end of the month? Assets Liabilities Owner's equity < Balance Sheet Analyze > Critical Thinking Problem 3.2 (Algo) Sole Proprietorship LO 3-1, 3-2, 3-3, 3-4, 3-5, 3-6 Sara-Jayne Parsons is an architect who operates her own business. The accounts and transactions for the business follow. Transactions a. Sara-Jayne Parsons invested $20,000 in cash to start the business. b. Paid $2,000 for advertisements in a design magazine. c. Purchased furniture for $3,800 in cash. d. Performed services for $5,800 in cash. e. Paid $235 for the monthly telephone bill. f. Performed services for $1,660 on credit. g. Purchased equipment, a fax machine, for $450; paid $75 in cash, with the balance due in 30 days. h. Paid a bill for $600 from the office cleaning service (debit miscellaneous expense). i. Received $1,640 from clients on account. j. Purchased furniture (office chairs) for $595; received credit terms of 30 days. k. Paid $4,500 for salaries. I. Issued a check for $250 in partial payment of the amount owed for furniture (office chairs). m. Received $2,400 in cash for services performed. n. Issued a check for $510 for utilities expense. o. Performed services for $2,200 on credit. p. Collected $950 from clients on account. q. Sara-Jayne Parsons withdrew $2,550 in cash for personal expenses. r. Paid $650 to Quick Copy for photocopy work performed during the month (debit miscellaneous expense). (Hint: Include office cleaning services and photocopy expenses under "Miscellaneous Expense") Required: (1) Post the above transactions into the appropriate T accounts. (2) Determine the account balances. Prepare a trial balance, an income statement, a statement of owner's equity, and a balance sheet for Sara-Jayne Parsons, Architect. Analyze: Using the basic accounting equation, what is the financial condition of Sara-Jayne Parsons's business at the end of the month? Complete this question by entering your answers in the tabs below. Post the above transactions into the appropriate T accounts. Cash Balance Balance Balance Balance Furniture Accounts Payable Sara-Jayne Parsons, Drawing Balance Balance Balance Accounts Receivable Equipment Sara-Jayne Parsons, Capital Fees Income . Droy 2 of Noxt Balance Balance Balance Balance Balance Sara-Jayne Parsons, Drawing Advertising Expense Salaries Expense Miscellaneous Expense Balance Balance Balance Fees Income Utilities Expense Telephone Expense < T Accounts Trial Balance > Complete this question by entering your answers in the tabs below. T Accounts Trial Balance Income Statement of Statement Owners Equity Balance Sheet Analyze Trial Balance Prepare a trial balance. Total SARA-JAYNE PARSONS, ARCHITECT Trial Balance January 31, 20X1 Account Name Debit Credit Complete this question by entering your answers in the tabs below. Statement of Statement Owners Equity Balance Sheet Income T Accounts Trial Balance Prepare an income statement. SARA-JAYNE PARSONS, ARCHITECT Income Statement Month Ended January 31, 20X1 Revenue Expenses Total expenses Analyze < Trial Balance Statement of Owners Equity > Required: (1) Post the above transactions into the appropriate T accounts. (2) Determine the account balances. Prepare a trial balance, an income statement, a statement of owner's equity, and a balance sheet for Sara-Jayne Parsons, Architect. Analyze: Using the basic accounting equation, what is the financial condition of Sara-Jayne Parsons's business at the end of the month? Complete this question by entering your answers in the tabs below. T Accounts Trial Balance Income Statement Statement of Owners Equity Balance Sheet Analyze Prepare a statement of owner's equity. SARA-JAYNE PARSONS, ARCHITECT Statement of Owner's Equity Month Ended January 31, 20X1 < Income Statement Balance Sheet > Analyze: Using the basic accounting equation, what is the financial condition of Sara-Jayne Parsons's business at the end of the month? Complete this question by entering your answers in the tabs below. T Accounts Trial Balance Income Statement Statement of Owners Equity Balance Sheet Analyze Prepare a balance sheet. SARA-JAYNE PARSONS, ARCHITECT Assets Balance Sheet January 31, 20X1 Liabilities Owner's Equity Total Liabilities and Owner's Equity Total Assets < Statement of Owners Equity Analyze >