Question one (25 marks) a) Your friend, Mwale , made this comment:Am in the school of natural sciences and will specialize in engineering. Thus, I have no need to study accounting. How would you respond to Mwale?(5 marks) b)On January 1 2016 , Jane started a transport business called Power tools transport services. The following transactions occurred during the month of January. January 1 Jane invested K70,000 cash in the business as capital. 2 Purchased a used bus for transportation for K98,000 on credit. 3 Paid K35,000 for office rent for the month. 5 Performed transport services K33,600 for cash. 9 Purchased supplies for K1, 050 on credit. 12 Performed transport services K40,000 on credit 15 Purchased fuel for K7,000 on credit. 20 Received a cash payment of K30,000 as part payment for the services performed on 12. 23 Paid K1,750 for utility expenses 26 Jane got K5000 cash for personal use 29 Paid for the fuel purchased on account on January 15. 30 Paid K3,000 for employee salaries. Requierd a) Show the effects of the January transactions on the accounting equation using a tabular analysis. (The column headings should be follows: Cash+Accounts Receivable+Supplies+Equipment=Accounts Payable+Sharecapital+Revenues-Expen ses-drawings)(10marks) as b) Prepare an income statement for the month of January (5 marks) c) Prepare a statement of financial position at January 31, 2017