IX. Exercise Practice 1. Barone's Repair Shop was started on May I by Nancy Barone. A summary of May transactions is presented below 1. Invested $10,000 cash to start the repair shop. 2. Purchased equipment for $5,000 cash. 3. Paid $400 cash for May office rent. 4. Paid $500 cash for supplies. 5. Incurred $250 of advertising costs in the Beacon News on account. 6. Received S5, 100 in cash from customers for repair service. 7. Withdrew $1,000 cash for personal use. 8 Paid part-time employee salaries $2,000. 9. Paid utility bills $140 10. Provided repair service on account to customers $750. 11. Collected cash of $120 for services billed in transaction (10). Instructions a. Prepared General Journal. b. Prepared General Ledger c. Prepared Trial Balance d. Prepared Financial Statement -Income Statement Statement of change of owner's equity Balance Sheet - Statement of cash flow