At the beginning of last month, Harley Franks started a barbershop, Harley's Cutters.The following events occurred during the month.

1.Harley invested $30,000 cash in the company.

2.Harley purchased $15,000 of equipment for cash.

3.Harley paid $500 cash to rent space for the first month of operations.

4.Harley purchased $1,200 of equipment on a note payable.

5.Cash received from haircutting services for the first half of the month was $900.

6.Harley provided $200 of haircutting services on account.

7.Harley received and deposited a $100 check for the services previously provided.

8.Harley paid $200 cash to an assistant for hours worked during the grand opening.

9.Cash received from services provided during the second half of the month was $1,000.

10.Harley paid $400 towards the principal on the note payable.

11.Harley made a $900 cash withdrawal from the company.

Requirements:

Complete the accounting equation worksheet for the transactions.

Total the worksheet and verify that Assets = Liabilities + Equity.

In proper order and form, prepare and income statement and balance sheet.