1) Required: Based on the account balances listed above, complete the following:

a. Income Statement

b. Statement of Owner's Equity (Note: all owner investments were made during 2022)

c. Balance Sheet

2) Dawn Rehearse owns and operates an accounting firm called Dawn D. Rehearse, CPA & Associates. During January 2022, the business completed the following transactions:

a. Rehearse invested cash $15,000 in the business.

b. Performed accounting service for a client and received cash of $500.

c. Paid off the beginning balance of accounts payable.

d. Purchased supplies from OfficeMax on account, $500.

e. Collected cash from a customer on account, $1,000.

f. Received cash investment of $5,000 cash from D. Rehearsal.

g. Consulted for a new client and billed the client for services rendered, $3,500.

h. Recorded the following business expenses for the month: Paid office rent, $3,000. Paid advertising, $1,500.

i. Made partial payment to OfficMax for $250 cash from item d.

j. Rehearse withdrew cash of $2,500.

Required:

1. Analyze the effects of the preceding transactions on the accounting equation, using the format on the next page. Note: Pay special attention to the beginning balances.

2. Calculate the net income for the month ended January 31, 2022.

This is all one assignment.

Practice Repairs account balances for the year ended December 31, 2022, follow: Practice Repairs Account Balances December 31, 2022 Account Title Balance Analvsis of Trancartinns