Record the following transactions in the T accounts below. Indicate next to each entry the number for that transaction. After all transactions have been recorded, foot the accounts where necessary and enter the balances in the proper places. Prepare a trial balance, Income Statement, Statement of Owners Equity and Balance Sheet for Douglas Distinctive Services as of December 31, 20__. 1. Mr. Rolle invested $25,000 cash in the business. 2. Purchased equipment worth $7,000 with a $500 down payment. The remainder is due in 30 days. 3. Paid $900 cash for a six-month insurance policy. 4. Received $3,000 cash from customers for services rendered. 5. Paid wages, $1,750. 6. Received and paid advertising bill of $100. 7. Performed services worth $2,500 for credit customers. 8. Received $1,700 cash from customers previously billed on account. 9. Mr. Douglas withdrew $5,300 cash for personal use. 10. Paid utility bill, $205. ACCOUNTS TO BE USED: Cash, Accounts Receivable, Prepaid Insurance, Equipment, Accounts Payable, Douglas Capital, Douglas Drawing, Repair Fees, Wages Expense, Advertising Expense, Utilities Expense

Income Statement, owners equity , t balance , foot, balance sheet