lifa1.lyryx.com 88 Assignment 1 (Question 1) Name: Sukhmanpreet Kaur Date: 2022-05-23 Question 1 [50 points] Velor Inc. began operations on February 1, 2014. The transactions for the first month follow. a. Velor Inc. issued shares to shareholders for $100,000. b. Velor Inc. performed consulting services for a customer and received $7,000. c. Velor Inc. collected $1,700 for commissions earned today. d. Velor Inc. paid a $1,500 bill received today for an advertising campaign that ran last week. e. Velor Inc. collected $1,100 for commissions earned today. f. Velor Inc. paid a $1,750 bill received today for an advertising campaign that ran last week. g. Velor Inc. received a bill today for this month's utilities: $300. It will be paid within 30 days. h. The bill for the $750 advertising campaign that ran last week was received today and paid. 1. A bill was received today for last week's $750 advertising campaign. It must be paid within 15 days. J. Velor Inc. paid dividends of $2,100 to the shareholders. Fill out the following table, according to the transactions above. Select the headings for each column by clicking on the appropriate cell. Also indicate next to each change in equity (in the explanation column) whether it was caused by issuance of share capital (investment), a revenue, an expense or payment of dividends. Identify revenues and expenses by name. Calculate the total balance for each column (no + or - sign is required for totals). In addition to this, prepare an income statement, a statement of changes in equity and a balance sheet for the month ended February 28. a) Complete the following accounting equation table: Assets =Liabilities Equity Explanation +Share Capital Retained Earnings