Problem 1-7B Analyzing transactions and preparing financial statements P1 P2 Nina Niko launched a new business, Niko's Maintenance Co., that began operations on June 1. The following transactions were completed by the company during that first month. June 1 Nina Niko invested $130,000 cash in the company. The company purchased $2,400 of equipment on credit. 2 The company rented a furnished office and paid $6,000 cash for June's rent. 4 6 The company paid $1,150 cash for this month's advertising of the opening of the business. 14 16 20 The company completed maintenance services for a customer and immediately collected $850 cash. The company completed $7,500 of maintenance services for City Center on credit. The company paid $800 cash for an assistant's salary for the first half of the month. The company received $7,500 cash payment for services completed for City Center on June 14. 21 The company completed $7,900 of maintenance services for Paula's Beauty Shop on credit. 24 The company completed $675 of maintenance services for Build-It Coop on credit. 25 The company received $7,900 cash payment from Paula's Beauty Shop for the work completed on June 21. 26 The company made payment of $2,400 cash for equipment purchased on June 4. 28 The company paid $800 cash for an assistant's salary for the second half of this month. 29 Nina Niko withdrew $4,000 cash from the company for personal use. 30 The company paid $150 cash for this month's telephone bill. The company paid $890 cash for this month's utilities. 30 Required Check (1) Ending balances: Cash, $130,060; Expenses, $9,790 1. Create the following table similar to Exhibit 1.9. Enter the effects of each transaction on the accounts of the accounting equation by recording dollar increases and decreases in the appropriate columns. Determine the final total for each account and verify that the equation is in balance. (2) Net income, $7,135; Total assets, $133,135 Assets = Liabilities + Equity Date Cash + Accounts Receivable + Equipment = Accounts + Payable N. Niko. N. Niko, + Revenues Expenses Capital Withdrawals 2. Prepare the income statement and the statement of owner's equity for the month of June, and the balance sheet as of June 30.