Exercise 1-21Financial statements LO8 excel CHECK FIGURES: Profit = $8,150; Total assets = $14,250 Using your answer from Exercise 1-20, prepare an income statement, a statement of change equity, and a balance sheet using the formats provided. Use the format provided below for the financial statements. Revenues Freelance writing revenue Operating expenses: Salaries expense Rent expense Total operating expenses Mailin Moon-Freelance Writing Income Statement For Month Ended March 31, 2017 Profit Mailin Moon, capital. March 1 Mallin Moon-Freelance Writing Statement of Changes in Equity For Month Ended March 31, 2017 F4 F5 ScrLk F10 NmLk F6 at EG F8 PID F9 F11 Pause Exercise 1-21Financial statements LO8 excel CHECK FIGURES: Profit = $8,150; Total assets = $14,250 Using your answer from Exercise 1-20, prepare an income statement, a statement of change equity, and a balance sheet using the formats provided. Use the format provided below for the financial statements. Revenues Freelance writing revenue Operating expenses: Salaries expense Rent expense Total operating expenses Mailin Moon-Freelance Writing Income Statement For Month Ended March 31, 2017 Profit Mailin Moon, capital. March 1 Mallin Moon-Freelance Writing Statement of Changes in Equity For Month Ended March 31, 2017 F4 F5 ScrLk F10 NmLk F6 at EG F8 PID F9 F11 Pause Insert Editing mat. Some content might be missing or displayed improperly. 4 . Lab 3 . 1 2 .3. 4 5 Record transactions and create financial Statements. Exercise 1-20Effects of transactions on the accounting equation L06,7 excel CHECK FIGURE: Mailin Moon, Capital = $13,650 Mailin Moon is a freelance writer who submits articles to various magazines and operates out of a small office where she employs one administrative assistant. The following newspapers. activities occurred during March 2017, her first month of business: Moon invested $2,500 worth of equipment into her business along with $3,000 cash. Submitted a series of articles to The Globe and Mail and received $6,500 cash. Purchased supplies on credit; $600. Paid the part-time administrative assistant's salary of $1,450. Page 58 She Moon ordered $3,000 of office equipment from the IKEA catalogue. It is scheduled to arrive in April or May. Paid the rent for the first month; $1,400. Submitted an article to Report on Business; will receive $4,500 next month. Using the format provided below, show the effects of the activities listed in (a) through (g). For each transaction that affects equity, include a brief description beside it (owner investment, owner withdrawal, revenue, rent expense, and salaries expense). Assots Lablitios Equity Accounts Cash + Receivable + Supplies + Equipment Accounts Payablo Mailin Moon, Capital Explanation of Equity Transaction F5 600 F6 ac F8 PID F9 ScrLk F10 NmLk F11 Pause % & * F12 A