I. From the following financial information on the business of George and Well Enterprises, you should construct the accounting equation that reflects the transaction(s). At the end of transaction, draw up a balance sheet, income statement, retained earnings statement and cash flow statement as at 31 October 2020.

1. On 1 October, 2020, they invest $ 50,000 cash in the business in exchange for $ 100,000 of common stock.
2. Purchased new office equipment for $ 5,000 and paid cash.
3. Paid for office furniture $ 450.
4. Received $ 980 for investment advice.
5. Paid mobile phone bill $ 88.
6. Received $ 640 from a customer for cash services.
7. Paid energy connections $ 202.
8. George purchased new Tiffany ring with his personal funds $ 5,200.
9. Purchased a computer on credit form JB Tech $ 2,300.
10. Borrowed $ 18,000 from National Bank.
11. Invoiced a client for investment advice $ 250.
12. Paid wages to a casual member of staff $ 210.

Notes: When you construct the accounting equation, you can use the accounting worksheet.