Vision HR Consulting began operations on January 1, 2020. Complete the following schedule with journal entries detailing the transactions during 2020 for Vision HR Consulting under two forms of organization: as a single proprietorship (owned by Ian Smith), and as a corporation.

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FORM OF BUSINESS ORGANIZATION Single Proprietorship Corporation Transaction Jan. 1, 2020: The owner(s) invested $10,000 into the new business During 2020: Revenues of $50,000 were earned; all cash During 2020: Expenses of $30,000 were incurred; all cash Dec. 15, 2020: $15,000 cash was distributed to the owner(s) Dec. 31, 2020, Year-End: All temporary accounts were closed Close revenue account - Close expense account - Close income summary account to appropriate equity account(s) - Close withdrawal/cash dividends declared account Equity section on the balance sheet at Vision HR Consulting Vision HR Consulting Inc. Partial Balance Sheet Partial Balance Sheet December 31, 2020, after the first year of operations. December 31, 2020 December 31, 2020