QUESTION 1 TRANSACTIONS: 1. On January 1, 2020 RFAN KARAKURT established a new bookstore that was organized as a single proprietorship. KARAKURT invested 120,000 TL cash in the new company and deposited it in a bank account opened under the name of KARAKURT BOOKSTORE Co (transaction one). 2. In its second business transaction, KARAKURT BOOKSTORE used 10,000 TL of its cash to puchase store supplies.In a third transaction, KARAKURT spent 80,000 TL to buy computer equipment. 3. Transaction 4. Next, KARAKURT decided that the business needed more store supplies and additional computer equipment. The items to be purchased would have a total cost of 28,400 TL Because these purchases would use almost all of KARAKURT BOOKSTORE'S cash. KARAKURT arranged to purchase them on credit from ERKEZ Supply Company. That is KARAKURT BOOK STORE took delivery of the items in exchange for a promise to pay for them later. The supplies cost 8,400, the computer equipment cost 20,000 TL, and the total liability to ERKEZ Supply is 28,400 TL. 4. Transaction 5 KARAKURT BOOK STORE provided bookstore services to a customer on Januaty 10 and collected 8,800 cash. 5. Transaction 6 and 7. Also on January 10, KARAKURT BOOKSTORE paid 4,000 TL rent to the owner of the building in which its store is located (transaction 6)On January 12 KARAKURT BOOKSTORE paid the 2,800 TL salary of the company's only employee (transaction 7) 6. Transactions 8 and 9. Assume that KARAKURT BOOKSTORE provided book store services for a customer and billed that customer 6,800 TL. Ten days later, the customer paid KARAKURT BOOKSTORE the full 6,800 TL in transaction 9. 7. Transaction 10. In transactions 10, KARAKURT BOOKSTORE paid 3,600 TL to ERKEZ Supply Company on January 24. 8. Transaction 11. KARAKURT BOOKSTORE PAID 1,600 TL to RFAN KARAKURT to use for personal living expenses. 1. Arrange the following asset, liability, and owner's equity titles in accounting equation(accounting table).Open the accounts of Cash, Accounts Receivable (A/R), Computer Equipment, Accounts Payable (A/P), RFAN KARAKURT CAPITAL (20 points). 2. Prepare an income statement for January (10 points). 3. Prepare a balance sheet as of January 31 (10 points). 5. Prepare a statement of cash flows for January (10 points) QUESTION 1 TRANSACTIONS: 1. On January 1, 2020 RFAN KARAKURT established a new bookstore that was organized as a single proprietorship. KARAKURT invested 120,000 TL cash in the new company and deposited it in a bank account opened under the name of KARAKURT BOOKSTORE Co (transaction one). 2. In its second business transaction, KARAKURT BOOKSTORE used 10,000 TL of its cash to puchase store supplies.In a third transaction, KARAKURT spent 80,000 TL to buy computer equipment. 3. Transaction 4. Next, KARAKURT decided that the business needed more store supplies and additional computer equipment. The items to be purchased would have a total cost of 28,400 TL Because these purchases would use almost all of KARAKURT BOOKSTORE'S cash. KARAKURT arranged to purchase them on credit from ERKEZ Supply Company. That is KARAKURT BOOK STORE took delivery of the items in exchange for a promise to pay for them later. The supplies cost 8,400, the computer equipment cost 20,000 TL, and the total liability to ERKEZ Supply is 28,400 TL. 4. Transaction 5 KARAKURT BOOK STORE provided bookstore services to a customer on Januaty 10 and collected 8,800 cash. 5. Transaction 6 and 7. Also on January 10, KARAKURT BOOKSTORE paid 4,000 TL rent to the owner of the building in which its store is located (transaction 6)On January 12 KARAKURT BOOKSTORE paid the 2,800 TL salary of the company's only employee (transaction 7) 6. Transactions 8 and 9. Assume that KARAKURT BOOKSTORE provided book store services for a customer and billed that customer 6,800 TL. Ten days later, the customer paid KARAKURT BOOKSTORE the full 6,800 TL in transaction 9. 7. Transaction 10. In transactions 10, KARAKURT BOOKSTORE paid 3,600 TL to ERKEZ Supply Company on January 24. 8. Transaction 11. KARAKURT BOOKSTORE PAID 1,600 TL to RFAN KARAKURT to use for personal living expenses. 1. Arrange the following asset, liability, and owner's equity titles in accounting equation(accounting table).Open the accounts of Cash, Accounts Receivable (A/R), Computer Equipment, Accounts Payable (A/P), RFAN KARAKURT CAPITAL (20 points). 2. Prepare an income statement for January (10 points). 3. Prepare a balance sheet as of January 31 (10 points). 5. Prepare a statement of cash flows for January (10 points)