The following information is related to Jones Repair Shop

Invested $15550 cash to start the repair shop.

Purchased equipment for $6550 cash.

Paid $560 cash for May office rent.

Received $6730 from customers for repair service.

Withdrew $1290 cash for personal use.

Paid part-time employee salaries of $3250.

Incurred $3250 of advertising costs, on account.

Provided $1250 of repair services on account.

Required:

Change the amount of each transaction given in above. List it again with the new values and consider the new transitions when you answer requirements 1 and 2 given below.

Show the effects of each transaction using the accounting equation.

Prepare an income statement