Questions:

1) Prepare a Trial balance at January 31

2) Prepare an Income Statement for January

3) Prepare a statement of changes in equity for January

4) Prepare a statement of financial Position for January

Crane Advisors Limited was organized on January 1,2018. The company had the following transactions in the month of January: January 2 Issued 1,100 common shares for $69 each. 4 Finalized a lease for office space and paid the first month's rent of $ 3,000 5 Purchased $38,000 of equipment for $9,000 cash and financed the remainder with a long-term bank loan. 8 Paid for an advertisement in a local paper, $550. 10 Purchased supplies on account, $1,100. 11 Paid for several advertising spots on the local radio station, $2,700. 12 Paid employees $ 7,400 for the first two weeks of work. 15 Summarized and recorded the billings to clients for the first two weeks of January. Billings totalled $14,800. These amounts are due by the 12th of the next month. 17 Paid $1,100 for office expenses. 19 Paid annual insurance policy with coverage up to December 31, 2018, for $ 5,800. 24 Received $10,000 from clients in partial settlement of accounts billed on the 15th. 25 Declared and paid $ 550 of dividends to shareholders. 26 Paid employees $ 7,400 for the previous two weeks of work. 29 Summarized and recorded the billings to clients for the prior two weeks. Billings totalled $16,400. These amounts are due by the 26th of the next month. 30 Made a payment to the bank of $ 210 for interest on the bank loan and $770 to pay on the amount owing for the bank loan. 31 Paid Canada Revenue Agency $1,500 for an income tax instalment