ACC1100 CHECK FIGURE: 3 . Total Dr=$75,700 LAB5 Required Using the journal entries prepared in Problem 24A, complete the following: 1. Set up the following accounts (use the balance column Problem 2-4A Preparing general journal entries LO3,5 format or T-accounts): Cash (101); Accounts Receivable Abe Factor opened a new accounting practice called X(106); Office Supplies (124); Prepaid Insurance (128); Factor Accounting and completed these activities during Prepaid Rent (131); Office Equipment (163); Accounts March 2017: Payable (201); Abe Factor, Capital (301); Abe Factor, Required Prepare journal entries to record the transactions. CHECK FIGURES: Profit =$12,190; Total assets =$71,240 Problem 2-5A Posting, preparing a trial Using the trial balance prepared for X-Factor Accounting in balance LO4,5,6, Part 3 of Problem 2-5A, prepare an income statement and statement of changes in equity for the month ended March 31, 2017, and a balance sheet at March 31, 2017