Ron Smith opens an apartment-locator business near a college campus. The com- pany will be named Campus Apartment Locators. During the first month of opera- tions, July 2013, the business completes the following transactions: a. Smith invests $35,000. The business receives $35,000 cash and gives capital to Smith. b. Purchases S350 of office supplies on account. c. Pays cash of S30,000 to acquire a lot next to the campus. Smith intends to use the land as a future building site for the business office. d. Locates apartments for clients and receives cash of $1,900. e. Pays $100 on the account payable he created in transaction b. f. Pays $2,000 of personal funds for a vacation. g. Pays cash expenses for office rent, S400, and utilities, S100. h. Returns office supplies of S150 from transaction b. i. Smith withdrew cash of S1,200. REQUIREMENTS 1. Analyze the preceding transactions in terms of their effects on the accounting equation of Campus Apartment Locators. 2. Prepare the income statement, statement of owner's equity, and balance sheet of the business.