Mark Jones, an accountant, experienced the following events in the month of September 20XX: 1. Started his accounting practice by issuing common stock for his cash investment of $10,000 and equipment worth $5,000 2. Purchased office supplies of $800 by paying cash 3. Bought a computer for $2,000 on account at Office Max 4. Paid $400 salary to himself 5. Earned professional fees of $20,000, of which $12,000 was received in cash and $8,000 was owed by the Dr. Knight Paid $500 to Office Max 6. 7. Paid himself $100 in dividends 8. Received an electric bill for $300 9. Received $1,000 from Dr. Knight 10. Borrowed $10,000 from Regions Bank Required: (a) Set up a schedule like the one below and record the transactions. Cash A/R Supplies Equipment A/P Loan Payable Common Stock Dividends Revenue Salary Exp Utility Exp (b) Prepare the Income Statement, Statement of Retained Earnings and Balance Sheet using the information from part (a).

Mark Jones, an accountant, experienced the following events in the month of September 20XX: 1. Started his accounting practice by issuing common stock for his cash investment of $10,000 and equipment worth $5,000 2. Purchased office supplies of $800 by paying cash 3. Bought a computer for $2,000 on account at Office Max 4. Paid $400 salary to himself 5. Earned professional fees of $20,000, of which $12,000 was received in cash and $8,000 was owed by the Dr. Knight 6. Paid $500 to Office Max 7. Paid himself $100 in dividends 8. Received an electric bill for $300 9. Received $1,000 from Dr. Knight 10. Borrowed $10,000 from Regions Bank Required: (a) Set up a schedule like the one below and record the transactions. Cash AR Supplies Equipment AP Loan Payable Common Stock Dividends Revenue Salary Exp Utility Exp (b) Prepare the Income Statement, Statement of Retained Earnings and Balance Sheet using the information from part (a)