CHAPTER 2 Debits and Credits: Analyzing and Recordir You will use this chart of accounts to complete the Continuing Problem. The following problem continues from Chapter 1, Assignment 1. Set up T accounts in a ledger and post the ending balances from Chapter 1. 2. Record Transactions K through S in the appropriate T accounts. 3. Foot and take the balances of the T accounts where appropriate. 4. Prepare a trial balance at the end of August. 5. From the trial balance, prepare an income statement, statement of owner's equity, and a balance sheet for the 2 months ending with August 31, 201X. k. Received the phone bill for the month of July, $200. L Paid $300 (check #8099) for insurance for the month. m. Paid $50 (check #8100) of the amount due from Transaction D in Chapter 1. n. Paid advertising expense for the month, $500 (check #8101). a. Billed a client (Kristen Tarsia) for services rendered, $1,100. p. Collected $1,400 for services rendered. (Assume cash collection occurred at the same time services were rendered.) q. Paid the electric bill in full for the month of July (check #8102, Transaction H, Chapter 1). 1. Paid cash (check #8103) for $20 in stamps. s. Purchased $500 worth of supplies from The Computer Store on credit. Learning Objectives-Rebating counting Theory By