Instructions: Mr. V has decided to start a business teaching Violin Lessons called V's Violins. This business is a sole proprietorship (he owns it himself). He has decided to make his accounting class do his accounting. On December 31st, V's Violins has the following balance sheet. Assets Cash Accounts Receivable Furniture Equipment V's Violins Balance Sheet As of December 31st 2020 Liabilities 18,000 Credit Card Payable 4,000 Accounts Payable 2,500 Bank Loan 7,000 Total Liabilities Owner's Equity 31,500 Total Liabilities + Net Worth LS 1,700 2,500 11,800 16,000 15,500 31,500 Total Assets a) Journalize the following transactions for V's Violins. Assume Mr. V is always acting on behalf of V's Violins. 1. On January 3rd, Mr. V prepays the Rent for the year for $6,000. 2. On January 5th, Mr. V pays off the entire balance of the accounts payable account. 3. On January 5th, Mr. V Pays off the entire balance of his credit card payable account. 4. On January 6th, Mr. V charges $800 of maintenance expenses to the company credit card. 5. On January 12th, Mr. V teaches lessons worth $1,700 on account. 6. On January 13th, Mr. V invests $15,000 into the business. 7. On January 18th, Mr. V buys $2,300 of Violins (Equipment) on account. 8. On January 19th, a customer prepays $2,000 for future lessons. 9. On January 24th, Mr. V teaches $1,000 worth of the prepaid lessons 10. On January 25th, Mr. V teaches $800 worth of lessons and is paid immediately. 11. On January 26th, Mr. V gives $4,000 to the bank to pay down his loan. Of this, $200 is interest and the rest is principle. 12. On January 27th, Mr. V receives a bill for $400 for utilities that he has used up. 13. On January 28th, Mr. V withdraws $5,000 from his business. 14. On January 29th, Mr. V is paid $2,000 owed to him for lessons from last month. 15. On January 31st, Record using up 1 month of the prepaid rent (you figure out the amount). b) Post all of your journal entries to a ledger. Remember to create opening entries for ALL accounts. c) Create a trial balance for Mr. V's Tutoring on January 31. d) Create an income statement for Mr. V's Tutoring for the accounting period. e) Create a Statement of Owner's Equity for Mr. V's Tutoring for the accounting period. f) Create a Balance Sheet for Mr. V's Tutoring for January 31