PART II PROBLEM (80 points) On June 1, 2020 Carol Brown established Singing Happy Services, a business that provides voice lessons. Below are the transactions for the first month of business.

Transactions:

Carol Brown invested $50,000 in cash to open the business

Paid $600 for June's utility bill

Paid $4,950 for recording equipment

4. Purchased office supplies for $550 on credit

5. Paid a cleaning company $400 to clean the studio

6. Performed voice lesson services and immediately received $7,200 from clients

. 7. Performed voice lessons to charge account customers and earned $2,800

8. Paid $2,000 for Salaries

9. Paid $220 cash to creditors

10. Received $1,000 in cash on account from credit customers

11. The owner withdrew $5,000 from the business

12. Paid $1,000 for repairs to the studio

COLUMNS FOR EQUATION WORKSHEET: CASH ACCOUNTS RECEIVABLE OFFICE SUPPLIES EQUIPMENT ACCOUNTS PAYABLE CAROL BROWN, CAPITAL SERVICE REVENUE

Instructions: Analyze each individual transaction on the Accounting Equation. Please indicate the effect of the amounts (+ or -). Complete the Accounting Equation worksheet. (48 points) Prepare an Income Statement for the month of June. (11 points) Prepare a Statement of Owners Equity for the month of June. (10 points) Prepare a Balance Sheet for the month of June. (11 points)