BAF3M1 Chapter 5 P. Simpson began business as an engineering consultant on October 1, 20-. He set up the following chart of accounts to be used in his business. 101 Bank 301 P. Simpson, Capital 110 A/R-R. Arthur 302 P. Simpson, Drawings 11 1 A/R-J. Morrison 401 Fees Earned 120 Supplies 505 Car Expense 125 Equipment 510 Office Expense 130 Automobile 515 Rent Expense 210 A/P-Acc Finance Co. 520 Wages Expense 211 A/P-Grand's Stationers 212 A/P-Star Oil Co. A. For each of the transactions listed below, work out the changes for the transaction and record these changes in the T-accounts. After finishing the transactions, calculate and show the account balances. Transactions U. On October 1, 20-, Mr. Simpson started his business with the following assets and liabilities: Bank $4651; Equipment $2465; Automobile $8460; A/P-Ace Finance Co. $2850; and A/P-Grand's Stationers $1000. 2. Performed a service for S. Stewart and received $200 cash in payment. 3. Received a bill from Grand's Stationers for $400 of supplies purchased on account. 4. Issued a cheque to O. Mack for wages, $500. V 5. Received a bill from Star Oil Co. for gasoline and oil used in the business car, $60. 6. Issued a cheque to Ace Finance Company for regular monthly payment, $400. V7. Issued a cheque to J. Mahoney for the rent for the month, $700. V.8. Issued a bill to J. Morrison for services performed, $500. V9. Issued a cheque for postage stamps, $30. V10. Issued a cheque for car repairs, $120. 11. Received a cheque from J. Morrison on account, $300. V12. Issued a cheque to R. Gordon for cleaning the office, $100. V13. Issued a cheque to P. Simpson, the owner, for personal use, $800. . V14. Issued a bill to R. Arthur for services performed, $1000. B. Balance the ledger of P. Simpson by means of a trial balance dated October 31, 20-. C. Prepare an income statement for P. Simpson as of October 31, 20