The following are the transactions relating to Gray Mowing Services Incorporated's formation and first month of operations.

a$)$ The firm was organized, and the initial stockholders invested cash of $$12,000.$

b$)$ The company borrowed $$18,000$ from a relative of one of the initial stockholders; a short$-$term note was signed.

c$)$ Two zero$-$turn lawnmowers costing $$7,600$ each and a professional trimmer costing $$2,600$ were purchased for cash. The original list price of each mower was $$10,200,$ but a discount was received because the seller was having a sale.

d$)$ Gasoline, oil, and several packages of trash bags were purchased for cash of $$1,800.$

e$)$ Advertising flyers announcing the formation of the business and newspaper ads were purchased. The cost of these items, $$3,400,$ will be paid in $30$ days.

f$)$ During the first two weeks of operations, $94$ lawns were mowed. The total revenue for this work was $$14,100$; $$9,300$ was collected in cash, and the balance will be received within $30$ days.

g$)$ Employees were paid $$8,400$ for their work during the first two weeks.

h$)$ Additional gasoline, oil, and trash bags costing $$2,200$ were purchased for cash.

i$)$ In the last two weeks of the first month, revenues totaled $$18,400,$ of which $$7,500$ was collected.

j$)$ Employee wages for the last two weeks totaled $$10,200$; these will be paid during the first week of the next month.

k$)$ It was determined that at the end of the month the cost of the gasoline, oil, and trash bags still on hand was $$600.$

l$)$ Customers paid a total of $$3,000$ due from mowing services provided during the first two weeks. The revenue for these services was recognized in transaction f$.$

Required:

a$.$ Record each transaction in the appropriate columns. Indicate the financial statement effect.

b$.$ Calculate the total assets, liabilities, and owners' equity at the end of the month and calculate the amount of net income for the month.

c$.1.$ After recording transactions a through l$,$ prepare an income statement for Gray Mowing Services Incorporated for the month presented.

c$.2.$ After recording transactions a through l$,$ prepare a balance sheet at the end of the month.