Aurng thy ase siemaricend as tolios: A. thei Pak musied additond caphin the business with a decosk of 595,000 in the businss bark accovec. C. Asceved tanh trien cen eatimen for dy cearing rerenve, s3z,1as. F. Red oven on wecurt, sen600 1. Aeceived aten tor ounsmers os acouen swi.006. L. Wedies tuspoo coen tor pesanal use. 1. Determine the amount of Joel Palk's capital as of July 1,20 Y. 2. The assets, liabilities, and owner's equily as of July 1 are stated in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 3. Prepare an income statement for July, a statement of owner's equity for July, and a balance sheet as of July 31 . 4. Prepare a statement of cash flows for Juty. "Be sure to complete the statement heading. Refer to the Accounts in the accounting equation grid and to the list of Labols and Amount Descriptions for the exact wording of the answer choices for text entries. DLite Dry Cleaners is owned and operated by Joel Palk. A buiding and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company for a lee. The assets and the liabilities of the business on July 1, 20Y6, are as follows: Cash, $45,000; Accounts Fecelvable, $93,000; Supples, \$7,000; Land, \$75,000; Accounts Payable, $40,000. Business transactions during July are summarized as follows: A. Joel Palk invested additional cash in the business with a deposit of $35,000 in the business bank account. B. Paid $50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. C. Recelved cash from cash customets for dry cleaning revenue, \$32,125. D. Paid rent for the month, $6,000. E. Purchased supplies on acoount, $2,500. F. Paid credhors on account, $22,800. G. Charged customers for dry cleaning revenve on acoount, $84,750. H. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), \$29,500. 1. Paid the following: wages expense, $7,500; truck expense, $2,500; utities expense, $1,300; miscellaneous expense, $2,700. J. Recelved cash trom customers on account, $88,000. K. Delermined that the cost of supplies on hand was $5,900; therefore, the cost of supplies used during the month was $3,600. L. Withdrew $12,000 cash for personal use. 1. Determine the amount of Joel Palk's capital as of July 1, 20 Y6. 2. The assets, liabilities, and owner's equity as of July t are stated in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 3. Prepare an income statement for July, a statement of owner's equity for July, and a balance sheet as of July 31. . 4. Prepare a statement of cash flows for Juiy." "Be sure to complete the statement heading. Refer to the Accounts in the accounting equation grid and to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries