Question in Financial and Managerial Accounting.

Ons. 1: Jony Rashel opened a hospitality business named JR Tourism on July 1, 2015. During the first month of operations, the following transactions took place: July 1 Jony invested $21,000 in cash in the business. 4 Paid $800 for July rent on office space 14 Purchased office equipment for $5,000 on account. 17 Borrowed $700 cash from a bank on a note payable. 22 Performed guide services for client on account $8,000. 27 Jony withdrew $1,000 cash for personal use. 28 Received a cash payment of $ 200 for services provided on July 22 30 Paid monthly expenses: salaries $500, utilities $300, and advertising $100. Requirement: (i) Show the effects of the above transactions on the accounting equation (ii) Prepare an Income Statement for the month [5] [2]