Transaction Analysis Grant Appraisal Service provides commercial and industrial appraisals and feasibility studies. On January 1, the assets and liabilities of the business were the following: Cash, $10,700; Accounts Receivable, $15,800; Accounts Payable, $600; and Notes Payable, $3,500. Common Stock had a balance of $18,400. Assume that Retained Earnings as of January 1, were $4,000. The following transactions occurred during the month of January 1Paid rent for January, $950.2Received $8,800 payment on customers accounts Paid $750 on accounts payable.4Received $1,700 for services performed for cash customers.5Borrowed $5,000 from a bank and signed a note payable for that amount.6Billed the city $6,200 for a feasibility study performed; billed various other credit customers, $1,900.7 Paid the salary of an assistant, $3,500.8Received invoice for January utilities, $410. Received invoice for January utilities, $410.9Paid $6,000 cash for employee salaries.10Purchased a van (on January 31) for business use, $8,800.11Paid $150 to bank as January interest on the outstanding notes payable. Requireda. Set up an accounting equation in columnar form with the following individual assets, liabilities, and stockholders equity accounts: Cash, Accounts Receivable, Van, Accounts Payable, Notes Payable, Common Stock, and Retained Earnings. Enter the January 1 balances below each item. (Note: The beginning Van account balance is $0.)b. Show the impact (increase or decrease) of transactions 111 on the beginning balances, and total the columns to show that assets equal liabilities plus stockholders equity as of January 31