Dry Cleanest offers extensive dry cleaning services. Julia Jett started this company one year ago. The opening balance of the accounts on January 1, 2022 are shown below.

Opening Balances - January 1, 2022
Cash	$ 990
Accounts Receivable	$ 840
Prepaid Expenses	$ 270
Machinery	$ 3,600
Accounts Payable	$ 1,500
Bank Loan	$ 0
Jett, Capital	$ 4,200

Required

a) Indicate whether assets, liabilities or owner's equity will increase or decrease and by how much, based on each transaction during January. Always ensure that the accounting equation is balanced.

Do not enter dollar signs or commas in the input boxes.

Use the negative sign for negative values.

Where a transaction affects two accounts in the same category, enter the positive amount in the first space provided and enter the negative amount in the second.

Transaction	Assets	Liabilities	Owner's Equity
1) Borrowed $11,600 from the bank.
2) Purchased machinery for $6,300 cash.
3) Billed clients $3,220 for completed services, which is due in 30 days.
4) Paid $1,120 cash for regular maintenance on the machine.
5) Collected $2,130 from clients who owed money.
6) Paid $3,800 in advance for four months of rent.
7) Recorded $1,410 of cash sales for the month.
8) Paid $970 owed to a supplier.

b) Based on the information provided, first record the opening balances in the T-accounts. Then record the transactions for the month of January in the T-accounts, and complete the calculations at the bottom of the table.

The T-Account fields are labeled by transaction number. Record each transaction by entering the value into the corresponding T-Account field.

Dry Cleanest
Balance Sheet
As at January 31, 2022
Assets (what we OWN)		Liabilities (what we OWE)
Increase	Decrease		Decrease	Increase
Cash		Accounts Payable
Opening: $				Opening: $
Transaction # 1			Transaction # 1
Transaction # 2			Transaction # 2
Transaction # 3			Transaction # 3
Transaction # 4			Transaction # 4
Transaction # 5			Transaction # 5
Transaction # 6			Transaction # 6
Transaction # 7			Transaction # 7
Transaction # 8			Transaction # 8
Ending: $				Ending: $
Increase	Decrease		Decrease	Increase
Accounts Receivable		Bank Loan
Opening: $				Opening: $
Transaction # 1			Transaction # 1
Transaction # 2			Transaction # 2
Transaction # 3			Transaction # 3
Transaction # 4			Transaction # 4
Transaction # 5			Transaction # 5
Transaction # 6			Transaction # 6
Transaction # 7			Transaction # 7
Transaction # 8			Transaction # 8
Ending: $				Ending: $
Increase	Decrease		Decrease	Increase
Prepaid Expenses		Jett, Capital
Opening: $				Opening: $
Transaction # 1			Transaction # 1
Transaction # 2			Transaction # 2
Transaction # 3			Transaction # 3
Transaction # 4			Transaction # 4
Transaction # 5			Transaction # 5
Transaction # 6			Transaction # 6
Transaction # 7			Transaction # 7
Transaction # 8			Transaction # 8
Ending: $				Ending: $
Increase	Decrease		Increase	Decrease
Machinery		Jett, Withdrawals
Opening: $Answer
Transaction # 1			Transaction # 1
Transaction # 2			Transaction # 2
Transaction # 3			Transaction # 3
Transaction # 4			Transaction # 4
Transaction # 5			Transaction # 5
Transaction # 6			Transaction # 6
Transaction # 7			Transaction # 7
Transaction # 8			Transaction # 8
Ending: $		Ending: $

Total Assets	$
Total Liabilities	$
Owner's Equity	$

Dry Cleanest
Income Statement
For the Month Ended January 31, 2022
REVENUE
	Decrease -		Increase +
	Transaction # 1
	Transaction # 2
	Transaction # 3
	Transaction # 4
	Transaction # 5
	Transaction # 6
	Transaction # 7
	Transaction # 8
			Ending: $
minus
Expenses
Increase	Decrease		Increase	Decrease
Insurance		Maintenance
Transaction # 1			Transaction # 1
Transaction # 2			Transaction # 2
Transaction # 3			Transaction # 3
Transaction # 4			Transaction # 4
Transaction # 5			Transaction # 5
Transaction # 6			Transaction # 6
Transaction # 7			Transaction # 7
Transaction # 8			Transaction # 8
Ending: $		Ending: $
Increase	Decrease		Increase	Decrease
Salaries		Utilities
Transaction # 1			Transaction # 1
Transaction # 2			Transaction # 2
Transaction # 3			Transaction # 3
Transaction # 4			Transaction # 4
Transaction # 5			Transaction # 5
Transaction # 6			Transaction # 6
Transaction # 7			Transaction # 7r
Transaction # 8			Transaction # 8
Ending: $		Ending: $
	Total Revenue
	Total Expenses
	Surplus (Deficit)