P.1-2 Subhan Law Associates has started the legal consultancy services during March 2020. The following transactions were occurred during the first month: -

March 2020.

04. Mr. Subhan established the firm and invested $ 100,000 cash.

05. Purchased office equipment at the cash price of $ 50,000.

06. Purchased computer equipment at the cost of $ 65,000 on credit basis.

07. Paid rent of $ 35,000 for the office for the month of March, 2020.

08. Rendered consultancy services and collected fee of $ 15,000 from the client.

10. Paid $ 6,000 for purchase of office supplies.

12. Collected consultancy fee of $ 30,000 firm another client.

14. Paid telephone bill amounting to $ 5,500.

16. Arranged photocopies of some documents and paid $ 250 for it.

17. Paid entertainment expenses of $ 3,500 to the cafeteria for the clients.

20. Billed a consultancy fee of $ 25,000 to a client.

28. Paid electricity bill of $ 6,000.

Required

1) Present the above transactions in an accounting equation format with details of each item and indicate the balance after every transaction.

2) Prepare financial statements at the end of March, 2020.