Assignment Ch-2 Since you are taking an accounting course this semester, your friend Robert Jones from high school days, requested that you advise him on the financial situation of his business "Robert's Pharmacy". Robert Jones is worried about continuing in the business and he informed you that he will continue his business only if he can expect to carn a monthly net income of $6,500. The business completed the following transactions during June 2020 2. Jones deposited $25,000 cash to start the company. The company gave capital to Jones b. Paid S900 cash for office furniture c. Incurred advertising expense on account, $1,100 d. Paid the following cash expenses. Employee's salary, S1,800; Office rent, $1.200 e Earned service revenue on account, 89,100 f. Collected cash from customers on account, S1,500 & Received a bill for utilities, S 350. The bill will be paid next month h. Purchased equipment on account $1,300 i Performed services for a client and received $ 1,400 cash. j Jones withdrew $500 from the company 20 pts 10 pts 10 pts Requirements: 1. Journalize the above transactions (Debits, and Credits) 2. Prepare the Trial Balance on the last day of June 3. Prepare the Income Statement on the last day of June 4. Prepare the statement of Owner's Equity on the last day of June 5. Prepare the Balance sheet on the last day of June 6. Calculate the debt ratio on the last day of June 7. Comment on the overall financial situation of this company 8. What would you advise your friend Robert to do? 10 pts 10 pts 10 pts 15 pts 15 pts 2021 Elio N. Akoury - USEK