Problem 1.2 (Transactions) Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Opened a business bank account with a deposit of $50,000 from personal funds. b. Purchased supplies on account, $4,000. c. Paid creditors on account, $2,300. d. Received cash from fees earned on insurance commissions, $13,800. e. Paid rent on office and equipment for the month, $5,000. f. Paid automobile expenses for the month, $1,150, and miscellaneous expenses, $300. g. Paid office salaries, $2,500. h. Determined that the cost of supplies on hand was $2,700; therefore, the cost of supplies used was $1,300. i. Billed insurance companies for sales commissions earned, $12,500. j. Withdrew cash for personal use, $3,900. INSTRUCTIONS 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: Assets Accounts Liabilities+ Owner's Equity Accounts Amy Austin, Amy Austin, Fees Rent Salaries Supplies Auto Misc Cash+Receivable + Supplies Payable Capital Drawing +Eamed-Expense-Expense-Expense-Expense-Expense 2. Determine the net income for March 3. How much did March's transactions increase or decrease Amy Austin capital? Please use MS Excel or MS Word to create your file. Problem 1.3 (Financial Statements) The amounts of the assets and liabilities of Wilderness Travel Service on April 30, 2021, the end of the year, and its revenue and expenses for the year are provided below. The capital of Harper Borg, the owner, was $180,000 on May 1, 2020, the beginning of the year, and the owner withdrew $40,000 during the year. Accounts payable $ 25,000 Accounts receivable 210,000 Supplies Supplies expense $ 9,000 12,000 Cash 146,000 Taxes expense 10,000 Fees earned 875,000 Utilities expense 38,000 Miscellaneous expense 15,000 Wages expense 525,000 Rent expense 75,000 INSTRUCTIONS 1. Prepare an income statement for the year ended April 30, 2021. 2. Prepare a statement of owner's equity for the year ended April 30, 2021. 3. Prepare a balance sheet as of April 30, 2021. 4. What appears on both the income statement and statement of owner's equity Please use the attached MS Excel template to create your answers