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Appendix D, balance sheet and income statement. (Financial statments)

Abramson Financial Services was formed on May 1, 2017. The following events and transactions are from its first month: 1 May 1 Jacob Abramson invested $44,810 cash and equipment worth $10,690 in the company. 2 1 Hired one employee to work in the office for a salary of $2,340 per month. 3 2 Paid $3,255 cash for a one-year insurance policy. 4 8 Purchased additional equipment costing $8000 and signed a note payable. 5 15 Purchased supplies for $730 on account. 6 17 Completed a contract for a client for $3,200 on account. 7 22 Paid $320 for May's telephone bill. 8 25 Completed services for a client and immediately collected $1,120. 9 26 Paid Jacob Abramson $1,980 cash for his personal use. 10 28 Collected $2,720 from the client billed on May 17. 11 30 Paid for the supplies purchased on account on May 15. 12 30 Paid $67 interest expense on the note payable. 13 31 Received a cash advance of $500 for services to be completed in June. 14 31 Paid the employee's monthly salary, $2,340. Required: a) On Appendix A, prepare the journal entries for the business first month of operations. If no journal entry is required, please indicated b) On Appendix B, post your journal entries in the General Ledger T-accounts and calculate their balances c) On Appendix C, prepare a Trial Balance for the business, using the balances from your T- d) On Appendix D, prepare the Financial Statements: Income Statement, Statement of Owner's Equity and Balance Sheet accounts

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