Section 3 The Accounting Equation (20 marks) A. Follow the transaction analysis examples on the course Chapter 1 PowerPoint Slides and use the same format to analyze the transactions below. (5 Marks) Sept 1 Invested $25,000 of his personal savings into a bank account opened in the 12 Sept 2 Sept 3 Sept 4 Sept 8 name of the accounting practice. Purchased office equipment for $2,500, paying $800 cash and agreeing to pay the balance in one year. Rented office space and paid cash for two months in advance, $1,200. Completed accounting work for a client and immediately collected $500 in cash for the work done. Purchased office supplies for cash, $50. Sept 15 Completed accounting services for a client on credit, $2,500. Sept 20 Received $2,500 from the above client for the work completed on September 15. Sept 30 Paid utilities expense for month of $300. Sept 30 Paid the office secretary's salary, $400. Sept 30 Paid $100 for repairs to the photocopier. B. Using your answer from A, prepare an Income Statement. (5 Marks) C. Using your answer from A, prepare a Statement of Changes in Equity. (5 Marks) D. Using your answer from A, prepare a Balance Sheet. (5 Marks)