Hello, im struggling with this problem. Please help and include instructions for each step. Thank You!

Add header General Instructions 1. The following worksheet may be used to complete the exercise/problem. You may need to refer to your textbook for additional information 2. The blue cells are for data entry. Enter text in the T cells, formulas in the F cells, dollars or numbers in the S cells. 3. The completed exercise/problem may be printed or e-mailed per direction from your instructor P3-3 Expert Consulting Services Inc. was organized on March 1 by two former college roommates. The corporation provides computer consulting services to small businesses. The following transactions oc during the first month of operations: March 2: Received contributions of $20,000 from each of the two principal owners of the new business in excha for shares of stock March 7: Signed a two-year promissory note at the bank and received cash of $15,000. Interest, along with the $15,000, will be repaid at the end of the two years. March 12: Purchased $700 in miscellaneous supplies on account. The company has 30 days to pay for the supe March 19: Billed a client $4,000 for services rendered by Expert in helping to install a new computer system. The client is to pay 25% of the bill upon its receipt and the remaining balance within 30 days. March 20: Paid $1,300 bill from the local newspaper for advertising for the month of March March 22 Received 25% of the amount billed to the client on March 19 + during the first month of operations: March 2: Received contributions of $20,000 from each of the two principal owners of the new business in exchan for shares of stock March 7: Signed a two-year promissory note at the bank and received cash of $15,000. Interest, along with the $15,000, will be repaid at the end of the two years. March 12: Purchased $700 in miscellaneous supplies on account. The company has 30 days to pay for the supplie March 19: Billed a client $4,000 for services rendered by Expert in helping to install a new computer system. The client is to pay 25% of the bill upon its receipt and the remaining balance within 30 days. March 20: Paid $1,300 bill from the local newspaper for advertising for the month of March March 22: Received 25% of the amount billed to the client on March 19. March 26: Received cash of $2,800 for services provided in assisting a client in selecting software for its computer March 29: Purchased a computer system for $8,000 in cash. March 30: Paid $3,300 of salaries and wages for March March 31: Received and paid $1,400 in gas, electric, and water bills. Required 1. Prepare a table to summarize the preceding transactions as they affect the accounting equation Identify each transaction with the date. EXPERT CONSULTING SERVICES INC. TRANSACTIONS FOR THE MONTH OF MARCH Assets Accounts Receivable Computer Supplies Liabilities Accounts Notes Payable Payable Cash + Stockholders' Equity Capital Retained Stock Earnings Date 312 317 Bal. 3/12 | numu los | F F F F F | 3/26 Bal. 3/29 a F $ FFFFFF 3/30 Bal $ F F F los F O t Live EXPERT CONSULTING SERVICES INC. TRANSACTIONS FOR THE MONTH OF MARCH Assets Accounts Receivable Computer Supplies Liabilities Accounts Notes Payable Payable - Stockholders' Equity Capital Retained Stock Earnings Cash $ $ F Date 3/2 3/7 Bal. 3/12 Bal. 3/19 Bal. 60 1 F 8 1 8 3/20 F 8 1 1 Bal. 3/22 Bal. 3/26 Bal. 3/29 Bal 3/30 Bal 3/31 Bal $ F $ 8 $ FF 8 $ F F TOTAL ASSETS: F TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY: 2. Prepare an income statement for the month ended March 31. EXPERT CONSULTING SERVICES INC. INCOME STATEMENT FOR THE MONTH ENDED MARCH Revenues: Expenses: Net income 3. Prepare a classified balance sheet at March 31. Note: Classify Assets and Liabilities in the order of Liquidity EXPERT CONSULTING SERVICES INC. BALANCE SHEET MARCH 31 Assets Current assets P3-3 B IU . . . A = = = = = Merge & C Font Alignment F Note: Classify Assets and Liabilities in the order of Liquidity EXPERT CONSULTING SERVICES INC. BALANCE SHEET MARCH 31 Assets Current assets: Total current assets Property, plant, and equipment Total assets Current liabilities Long-term debt Total liabilities Capital stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 4. From reading the balance sheet you prepared in part (3), what events would you expect to take place in Explain your