Exercise $3\mathrm{.}7($Static$)$ Preparing a statement of owner's equity and a balance sheet. LC $3-6$

The following $T$ accounts show transactions that were recorded on December $31,20$X$1$ by Residential Rental Consultant, a firm that specializes in local Housing rentals. The entries for the first transaction are labeled with the letter $($a$),$ the ent es for the second transaction with the letter $($b$),$ and so on$.$

$\backslash$table$[[$Cash$],[$Debit$,$Credit,$],[($a$)r100,000,($b$),18,000,],[($d$),20,000,($e$),700],[($g$),1,500,($h$),5,500],[,,($i$),3,000]]$

$\backslash$table$[[$James Taylor, Capital,$],[$Debit$,$Credit$],[,($a$)100,000],[,4]]$

$\backslash$table$[[\backslash$table$[[$Accounts$],[$Debit$]],\backslash$table$[[$eceivable$],[$Credit$]]],[($f$)7,500,($g$)1,500]]$

$\backslash$table$[[\backslash$table$[[$James Taylor, Drawing$],[$Debit$]],$Credit,,$],[($i$)3,000,,$Debit Supplies,Credit$],[,,,]]$

$\backslash$table$[[$Fees$,$ncome$],[,$Credit,$],[,($d$),20,000],[($f$),7,500,]]$

$\backslash$table$[[$Debit Equipment,Credit Salaries Expense,Credit,$],[($c$)30,000,,$Debit,$],[,,,]]$

Payable

$\backslash$table$[[$Telephone Expense$],[$Debit$,$Credit$],[($e$)700,],[,],[,]]$

Required:

Prepare a statement of owner's equity and a balance sheet for Residential Rental Consultants as of Decembe

$31,20$X$1.$ Hint. Net income for December is $$21,300.$