SM Co. is a retail store owned by Paul Tuner. During the month of November, the equity accounts were affected by the following events: Nov.9 Turner invested an additional $15,000 in the business. Nov.15 Tuner withdrew $1,500 for his salary for the rst two weeks of the month. Nov.30 Turner withdrew $1,500 for his salary for the second two weeks of the month. Nov.30 55:}: distributed $1,000 or earnings to Turner. INSTRUCTIONS: a.Assuming that the business is organized as a sole proprietorship: 1.Prepare the joumal entries to record the above events in the accounts of 5&X. 2.Prepare the closing entries for the month of November. Assume that after closing all of the revenue and expense accounts, the Income Summary account has a balance of $5.000. 3.Prepare the joumal entries to record above events. Assume that revenue 8: Expense acct is $2000. Income tax Expense acct to income summary acct. Income tax rate is at 30%. 4. Explain the causes of the differences in the net income between SM as a sole propietorship and 55:): as a corporation. 5. Describe the effects of the business operations on Turners individual income tax return, assuming that the business is organized as 1)a sole proprietorship and 2} a corporation