PR 1-3A Financial statements OBJ.S 1. Net income: $31,200 Seth Feye established Reliance Financial Services on July 1, 2019. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Excel Assets - Liabilities + Owner's Equity Seth Accounts Feye. Feye Fees Salaries Rent AutoSupplies Misc ahRecelvable +Supplies Payable Capital-Drawing+ + Earned Expense -Expense Expense Expense-Expense a. +50,000 b. Bal. $0,000 C -3,600 Bal 46,400 d. +110,000 Bal +50,000 +7,000 +7,000 7,000 3,600 7,0003,400 7,000 50,000 50,000 + 110,000 110,000 . 156,400 e -33,000 Bal. 123,400 -20,800 Bal 102,600 9 -55,000 Bal. 47,600 7,000 3,400 50,000 -33,000 -33,000 7,000 50,000 110,000 -4,800 -4,800 16,000 33,000-16,000 10,000 110,000 55,000 33,000 16,000 110,000 55,000 -33,000 16,000 4500 4,800 7,000 3,400 50,000 -55,000 70064050,000 -4,800 7,000 -4,500 2,500 3,400 0,000 1 Bal. 47,600 +34,500 +34,500 144500 55,000 33,000 16,000 4,0 400 Bal 47,600 34,500 2,500 3,400 50,000 -15,000 15000 Bal. 32,600 34,5002,500 3,400 50,000-15,000 144,500 -55,000 33,000 -16,000 4,500 4,800 Instructions 1. Prepare an income statement for the month ended July 31, 2019. 2. Prepare a statement of owner's equity for the month ended July 31, 2019. 3. Prepare a balance sheet as of July 31, 2019