a. Create the accounting equation for all transections mentioned in question. b. Create balance sheet for the

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Question:

a. Create the accounting equation for all transections mentioned in question.

b. Create balance sheet for the all transections mentioned in question.

c. Create the income statement of your business on the base of all transections mentioned in question.

d. Create the General journal on the base of all transections mentioned in question.

1. 15 Jan 2017, you’re starting a business selling printed T-shirts. You save for a year before opening and contribute $10,000 to the new company.

2. 20 jan 2017, You have purchased the equipment of $2,000 for your T-Shirt business on account.

3. 25 jan 2017, You have received on order of $1200 from customer 1. Customer pays $200 advanced and promised to pay rest of the amount at delivery time.

4. 28 jan 2017, You have paid $700 for the expense to complete customer order.

5. 3rd feb 2017, You deliver the customer order of transection 3 and customer pays $800 at delivery time. And promised to pay rest of the amount later.

6. 5 feb 2017, You have paid $500 for the equipment you purchased in transection 2.

7. 10 feb 2017, You have received new order from customer 2 of $3000 customer pays all the amount in advance.

8. 11 feb 2017, You have paid rest of the money for the equipment you purchased in transection 2.

9. 20 feb 2017, You have received new order from customer 1 of $2000. Customer pays total $500 while clearing $200 pervious bill and $300 as advanced of new order.