The following are the transactions Economy Small Engine Repair (ESER) entered into from September 1 to December 31, 2016: . On September 1, Bob invested $5,000 of his savings in ESER in return for common shares. Bob's sister was interested in helping get him started so on September 9, she invested $3,000 in Economy Small Engine Repair in return for common shares. Also on September 9, Bob purchased and paid $2,500 for the computer equipment necessary to run ESER. The supplier of the computer equipment advised you can expect to use it for 5 years before it will require replacement On September 11, you purchased repair equipment including work benches, shelving, various specialty tools and the analyzer you were trying to decide how to account for last week. The total cost of the equipment (not including the analyzer) was $4,750 and payment was due October 15. On September 12, you purchased the inventory (parts, oils and cleaners, etc.) necessary to make engine repairs. As ESER is a new business, none of the parts supply businesses would extend credit. Therefore, you had to pay the $2,500 at the time you picked up the inventory items. On October 1, you borrowed $5,000 from the Royal Bank. The loan is to be repaid on October 1, 2017. Interest is charged on the outstanding balance at a rate of 4% per year and is due on the last day of every month. On October 14, you paid $250 to have posters printed advertising ESER's products, On October 15, you paid the amount due for the purchase of the repair equipment from September 11 On November 27, Bob hired a friend to help with the busy early winter snow blower season. His friend started work on December 7. On December 31, Bob paid his friend $900 for the hours worked in December Total cash sales for September1 to December 31 were $14,900. Economy Small Engine Repair also provided repairs to a couple of commercial accounts that he had managed to obtain. These sales totaled $2,900 and although they have been billed, payment was not received until January 2017 On December 31, you received a cheque for $750. The cheque was a payment for repairs of a commercial client. A note attached to the cheque stated that the business thought it . would make payment earlier than the January 2016 due date as the owner remembers how difficult the first few months of running a new business can be. Tasks 1. You decided to journalize the transactions described above (in good form). You remember your instructor telling you that means the journal entries must be dated, properly formatted and must include a brief explanation for each transaction. If a transaction did not affect the accounting equation and should not be journalized as a result, you decided to note that no journal entry was necessary as a reminder to yourself. 2. After journalizing the transactions for September 1 to December 31, 2016, you then decided to post the transactions to T accounts. 3. Lastly, using the account balances determined in task 2, you sat down to prepare the December 31, 2016 trial balance. In the second week of BUS 285, you learned about the accounting information system and need to analyze the transactions which Economy Small Engine Repair entered into to determine if they affect the accounting equation. After doing so, you know that it is necessary to journalize the transactions that affect the accounting equation and prepare a trial balance. The following are the transactions Economy Small Engine Repair (ESER) entered into from September 1 to December 31, 2016: . . . . On September 1, Bob invested $5,000 of his savings in ESER in return for common shares. Bob's sister was interested in helping get him started so on September 9, she invested $3,000 in Economy Small Engine Repair in return for common shares. Also on September 9, Bob purchased and paid $2,500 for the computer equipment necessary to run ESER. The supplier of the computer equipment advised you can expect to use it for 5 years before it will require replacement. On September 11, you purchased repair equipment including work benches, shelving, various specialty tools and the analyzer you were trying to decide how to account for last week. The total cost of the equipment (not including the analyzer) was $4,750 and payment was due October 15. On September 12, you purchased the inventory (parts, oils and cleaners, etc.) necessary to make engine repairs. As ESER is a new business, none of the parts supply businesses would extend credit. Therefore, you had to pay the $2,500 at the time you picked up the inventory items. On October 1, you borrowed $5,000 from the Royal Bank. The loan is to be repaid on October 1, 2017. Interest is charged on the outstanding balance at a rate of 4% per year and is due on the last day of every month. On October 14, you paid $250 to have posters printed advertising ESER's products. On October 15, you paid the amount due for the purchase of the repair equipment from September 11. On November 27, Bob hired a friend to help with the busy early winter snow blower season. His friend started work on December 7. On December 31, Bob paid his friend $900 for the hours worked in December, Total cash sales for September to December 31 were $14,900. Economy Small Engine Repair also provided repairs to a couple of commercial accounts that he had managed to obtain. These sales totaled $2,900 and although they have been billed, payment was not received until January 2017 On December 31, you received a cheque for $750. The cheque was a payment for repairs of a commercial client. A note attached to the cheque stated that the business thought it .