P2-3B Transaction Analysis Wesson Appraisal Service provides commercial and industrial appraisals and feasibility studies. On January 1, the assets and liabilities of the business were the following: Cash, \$8,700; Accounts Receivable, $18,800; Accounts Payable, $5,200; and Notes Payable, $6,500. Assume that Retained Earnings as of January 1 were $1,000. The balance of Common Stock was $14,800. The following transactions occurred during the month of January: 1. Paid rent for January, $1,500 2. Received $9,800 on customers' accounts 3. Paid $900 on accounts payable 4. Received $900 for services performed for cash customers 5. Borrowed $8,000 from a bank and signed a note payable for that amount 6. Billed the city $7,800 for a feasibility study performed; billed various other credit customers, $3,500 7. Paid salary of assistant, $4,500 8. Received invoice for January utilities, $610 9. Paid $6,000 cash for employees salaries 10. Purchased a van (on January 31 ) for business use, $9,800 cash 11. Paid $400 to the bank as January interest on an outstanding note payable Required a. Set up an accounting equation in columnar form with the following individual assets, liabilities, and stockholders' equity accounts: Cash, Accounts Receivable, Van, Accounts Payable, Notes Payable, Common Stock, and Retained Earnings. Enter January 1 balances below each item. (Note: The beginning Van amount is $0.) b. Show the impact (increase or decrease) of transactions 1-11 on the beginning balances and total the columns to show that assets equal liabilities plus stockholders' equity as of January 31