Problem 1: On October 1st Tom Klear opens a photocopying service. The following transactions occurred during the month of October. Oct.l. Tom Klear invests $90,000 cash to start the business. 5 Purchased three photocopy machines for $200,000, paying $50,000 cash and n signing a 5-year, 10% note for the remainder." 8 Purchased $5,000 paper supplies on credit. 10 Cash photocopy revenue amounted to $7,000. 15 Paid $500 cash for radio advertising. 21 Paid $800 on account for paper supplies purchased in October 8. 27 Owner withdrew $1,500 from the business for personal expenses. 28 Paid $12,000 cash for rent for the year. 29 Received $2,000 cash advance from a customer for future copying. 30 Billed a customer for $450 for photocopy work done. Instructions: a) Prepare a balance Sheet concerning October transactions. b) Prepare the income statement and owner's equity statement c) Journalize the October transactions