NY Company is a merchandise company which sells computer software. New York just started its business from September 1, and during September, it had the following transactions: (2 x 30 POINTS) 1. The owner paid $1,000 in cash to the company on September 1. (A/C used: Cash & Capital) 2. 2, The company purchased equipment for $500 in cash on September 5. (A/C used: Cash & Equipment) 3. The company purchased computer software for $300 on credit on September 15. (A/C used: Merchandise Inventory & A/C Payable) 4. The company sold half of the inventory for $500 half in cash and half on credit on September 20. The cost for the inventory was $150 during September. (A/C used: Sales Revenue, Cash. A/C Receivable, Cost of Goods Sold, Merchandise Inventory) 5. The company borrowed $500 from a bank on September 25. (A/C used: Cash & Loan Payable) 6. The company paid rent expense of $100 cash on September 30 (A/C used: Rent Expense & Cash) Note: No dividend was paid during September. Journal Entries: Dr. Cr. 1 2 3 4 5 6 Prepare the income Statement Income Statement for the month ending September 2020 ($) Sales Cost of Goods Sold Rent Expense Profit Prepare the balance sheet Balance Sheet as of Sept. 30, 2020 ($) Assets: Cash A/C Receivable Merchandise Inventory Equipment Total Assets Liabilities A/C Payable Loan Payable Total liabilities Owners' Equity Contributed Capital Retained earnings Total O/E Total liabilities + OE