Using your answer to Problem 1-9B, prepare an income statement, a statement of changes in equity, and a balance sheet.

Analysis Component: Assets are financed by debt and equity. Owner investment is a component of equity. Therefore, owner investment helps to finance assets. Explain how/if owner investment helped to finance assets for Beyond Music for the month ended July 31, 2020.

Problem 1-9B

Beyond Music provides DJ services for events such as high school dances, weddings, and corporate events. Michael Cantu started the business on June 1, 2020. The June activities resulted in totals at June 30, 2020, as follows (illustrated in accounting equation format):

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Liabilities Equity Michael Cantu, Capital $45,560 Assets Sound System Equip. Accounts Receivable Office + Supplies + $1,560 Event Equip. Accounts Payable Cash $12,000 + $4,600 $9,600 $24,000 $6,200