Mabel Wong began a professional practice as system analyst on July 1. She plans to prepare monthly financial statements. During July, the owner completed these transactions: Owner invested P50,000 cash along with furniture and fixtures that had a P20,000 market value two years ago but was worth P100,000 only on investment date. Paid P25,000 cash for July rent (including P500 water bill) of a fully furnished office space at the Madrigal Building. Purchased P120,000 worth of state of the art equipment on credit for thirty monthly installment payments. Purchased office supplies for cash, P2,500. Completed work for a client and immediately collected P32,000 cash. Billed a client P25,000 for work completed to be collected within 30 days. Paid an assistant P6,200 cash as wages for 15 days. Collected P15,000 cash on the amount owed by the client serviced on the 10h. Owner withdrew P5,000 cash for personal use. Paid the first installment to settle the liability on the equipment purchased. Paid salary of assistant Paid PLDT bill, P1,800 and Meralco bill, P3,800. Used up P2,000 worth of supplies purchased on the 6th. 2 4 8 10 15 18 25 28 30 31 Required: Analyze the above transactions in an accounting equation table using the following column headings: Cash; Accounts Receivable; Office Supplies; Equipment; Accounts Payable; Notes Payable; Wong, Capital; Explanation of Changes in Capital. (You can copy the table format given at the end of lesson no. 3 of this module.) Then use additions (+) and subtractions (-) to show the effects of the transactions on the individual accounts in the accounting elements. Show balances after all transactions are recorded. a. Prepare an income statement for the month of July (Regarding the expense accounts that will be used, you may use an expense account that you think will fit for each transactions. Use your own, not copy your classmates' work. I will appreciate if you will give your own unique expense account. O) b. Prepare a statement of changes in owner's equity for the month of July c. Prepare a statement of financial position as of July 31. .