Mike Chester recently opened his own accounting firm on October 1, 2025, which he operates as a sole proprietorship. The name of the new enity is Mike Chester, CPA.

Chester expereinced the following events during the organazing phase of the new business and its first month of operation in 2025.

1-Oct

Chester deposited $60,000.00 in a new bank account titled Mike Chester, CPA. The business gave capital to Chester.

5-Oct

Paid $700.00 cash for office Supplies

7-Oct

Purchased office furniture on account for the office, $7,800.00

9-Oct

Consulted with a tax client and received $5,600.00 for services rendered.

10-Oct

Paid Utilities, $ 540.00

13-Oct

Completed a tax hearings on behalf of a client and submitted a bill for $18,000.00

16-Oct

Paid Office Rent, $2,500.00

20-Oct

Received amount due from the client tax hearings billed on October 13,

28-Oct

Paid full amount due on account payable created on October 7.

31-Oct

Chester Withdrew $5,000.00 cash from the business.

Requirements:

1) Prepare the Tansaction analysis

2)

Calculate Total Assets, Total Liabilities & Total Equity for Sharp from the Excel Sheet below

3) Prepare an Income Statement for Mike Chester, CPA

4)

Prepare a Statement of Owner's Equity for Mike Chester, CPA

5) Prepare a Balance Sheet for Mike Chester, CPA

As of October 31, 2025 for all reporting