. Jasmine started a haircutting business called Expressions. The following events occurred during its first month:

a. On August 1, Worthy invested $3,000 cash and $15,000 of equipment in Expressions in exchange for common stock.

b. On August 2, Expressions paid $600 cash for furniture for the shop.

c. On August 3, Expressions paid $500 cash to rent space in a mall for August

d. On August 4, it purchased $1,200 of equipment on credit for the shop (using a long term note payable)

e. On August 5, Expressions opened for business. Cash received from haircutting services in the first week of business was $825

f. On August 15, it provided $100 of haircutting services on account

g. On August 17, it received a $100 check for service previously rendered on account.

h. On august 17, it paid $125 to an assistant

i. Cash received from services provided during second half of August was $930

j. On August 31, it paid a $400 instalment toward principal on the note payable entered into on August 4

k. On August 31, it paid $900 cash in dividends to Worthy (sole shareholder)

Required:

1. Open necessary T accounts

2. Prepare a Trial balance as of August 31

3. Prepare an income statement for August

4. Prepare a balance sheet as of August 31