Part B Show the effect of each of the following transactions on the accounting equation using a tabular analysis. Then prepare an Income Statement, Statement of Owner's Equity, and a Balance Sheet using the information in your analysis. Charlene Rudek finished law school in June and immediately set up her own law practice. During the first month of operation, she completed the following transactions. a Began the practice by investing $2,000 to establish the business. b. Purchased a law library for $900 cash. e. Purchased office supplies for $400 on account. d. Completed a contract and was paid $500 in cash. Billed clients $1,950 for services performed during the month. Received $1,250 in cash from a client who had previously been billed. Paid $200 of the amount owed for office supplies. Paid $1,200 rent for the month. Withdrew $400 for personal use. Part C 1. Record the entries in the general journal. 2. Post the entries from the general journal to the general ledger. 3. Prepare a Trial Balance. After graduation from veterinary school, Laura Cox entered private practice. The transactions of the business through May 27 are as follows: May 1 Laura Cox invested $2,000 in the business. 3 Paid $300 for two months' rent in advance for an office. 6 Purchased medical supplies for $200 cash. 12 Purchased $400 of equipment paying $100 in cash and the rest on account. 15 Delivered a calf for a fee of $35. 18 Made a partial payment of $50 on the equipment purchased on the 12th 27 Paid a utility bill of $40 Part B Tabular Form Rudek Law Associates Law Accounts Owner's Owner's Library Payable Capital Drawings Cash Accounts Receivable Supplies A B Description Ref Debit Credit C D E F G H . Totals Revenues Fees Earned Expenses Rent Expense Net Income Cash Accounts Receivable Supplies Law Library Total Assets Rudek Law Assoc. Income Statement Assets Rudek Law Statement of Own Owner's Capital, June 1 Add: Investments Net Income Less: Owner's Drawing Owner's Capital, June 30 Rudek Law Assoc. Balance Sheet Liabilities Accounts Payable Total Liabilities Owner's Equity Owner's Capital Total Liabilities and Owner's Equit C-1 Date Description Ref. Debit Credit 5/1 5/3 5/9 2000 0 300 200 0 5/12 100 300 5/15 35 5/18 50 5/27 YO 1000 J1