Ms. Smythe, a very good consultant, decided to start her own business. After saving her money for several years, she has accumulated enough funds to go into business for herself. She has no accounting experience and needs your help to organize her March records for Consulting Works. (Please note that some accounts may not be used. Some accounts may be used more than once.) a. Fill in if a debit or credit is an increase (+) or a decrease (-) in the +/- row in the exam template chart. b. Record the transactions listed below for Consulting Works which occurred during March using the exam template chart. 1. Consulting Works sold common stock of $25,000 to the owner, Ms. Smythe, for cash. 2. Consulting Works purchased land for $5,000 and a building for $10,000. It made a down payment of $3,000 cash and a took out a loan (note) from the bank for the remaining $12,000. 3. Consulting Works paid cash for rent of $1,500 for March. 4. Consulting Works buys $500 of supplies on account. 5. Consulting Works collected $6,000 cash for consulting services. 6. Consulting Works paid an administrative assistant $2,000 cash for work performed in March. 7. Consulting Works paid cash for the supplies purchased on account in number 4. c. Calculate the balance in each account. d. Calculate Net Income. e. Show that Assets = Liabilities + Owner's Equity