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3, 4: Show the impact of business transactions on the accounting P2-61B. (Learning Ohjectives 3, 4: Show the impact of business transactions on the a equation; analyxe the impact of business transactions on accounts) The summarize the financial position of Computer Works on May 31,2014; ollowing amounts +Stockholders' Equity -Liabilities Accounts Payable Assets Account:s Commorn + Supplies Equipment Retained + Earnings Cash Receivable + Supplies +Equipment Reccivable Supplics Equipment +Stock Bal 2,050 3,350 21,700 13,600 4,600 During June 2014, the business completed these transactions: s9,800 and issued common stook a. The business received cash of $9,800 and issued common stock b. Performed services for a customer and received cash of $5,800 c. Paid $4,900 on accounts payable. d. Purchased supplies on account, $700. e. Collected cash from a customer on account, $600 f. Consulted on the design of a computer system and billed the customer for servi rendered, $3,400 g. Recorded the following expenses for the month: (1) paid office rent -1,500; (2) paid advertising-$2,000. h. Declared and paid a cash dividend of $2,400. Requirements 1. Analyze the effects of the preceding transactions on the accounting equation of Computer Works, Inc. 2. Prepare the income statement of Computer Works,Inc, for the month ended June 30 2014. List expenses in decreasing order by amount 3. Prepare the statement of retained carnings of Computer Works, Inc,for the month ended June 30, 2014 4. Prepare the balance sheet of Computer Works, Inc., at June 30, 2014 P2-62B. (Learning Objectives 4, 5: Analyze the impact of business transactions on accounts; record Gjournalize and post) transactions in the books) This problem can be used in conjunction with Problem 2-61B. Refer to Problem 2-61B Requirements 1. Journalize the transactions of Computer Works, Inc. Explanations are not required 2. Prepare T-accounts for each account. Insert in each T-account its May 31 balance as given (example: Cash $2,050). Then, post the June transactions to the T-accounts 3. Compute the balance in each account