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Given the information above, Prepare Toni's Income Statement, Statement of Owner's Equity, and Balance Sheet. Toni Consulting Services Income Statement For the period ending December 31, 2020 Revenues 1. XXX XXX 2. XXX Total Revenue Operating Expenses: 1. XXX XXX XXX 3. Total Operating Expenses Net Income (XXX) XXXX Toni Consulting Services Statement of Owner's Equity For the period ending December 31, 2020 XXX Beginning Balance Add: Less: Ending Capital Balance Toni Consulting Services Balance Sheet As of December 31, 2020 Assets. XXX XXX 1. 2. 3. 4. 5. Total Assets XXXXX Liabilities: 1. 2. Total Liabilities XXX XXX XXX Owner's Equity: XXX Total Liabilities & Owner's Equity XXXXX Section II - 25 Points Adjusting Entries: Toni began the year with supplies of $4,500. During the year, he purchased additional supplies for $5,000. As of December 31st, only $2,600 of supplies were on hand. What adjusting entry should Toni make on December 31? Toni paid $60,000 cash of July 31, 2020 to rent office space for the next 5 years. Toni debited prepaid rent for the full amount. What adjusting entry should Toni make on December 31, 2020? Toni purchased equipment for $50,000. Annual depreciation on the equipment is estimated to be $5,000. The adjusting entry to record depreciation at December 31would be. Toni has a weekly payroll of $3750 which is paid on Fridays. Assuming a five-day work week and December 31 falls on a Thursday, what adjusting entry should Toni record? Toni received cash of $18,000 on September 1, 2020 for one year's services in advance and record the transaction with a credit to unearned revenue. What adjusting entry should Toni make at December 31, 2020? On January 31, 2020, Toni borrowed $145,000, 6.5% loan from JP Morgan Chase Bank. The loan matures in 5 years. Prepare the adjusting entry to accrue the interest on the loan as of December 31, 2020. Using the Journal page provided, prepare the adjusting entries for the above transactions