Lab $3$Record transactions and create financial Statements.Exercise $1-20$Effects of transactions on the accounting equation LO$6,7$ eXcelCHECK FIGURE: Mailin Moon, Capital $=$ $$13,650$Mailin Moon is a freelance writer who submits articles to various magazines and newspapers. She operates out of a small office where she employs one administrative assistant.The following activities occurred during March $2017,$ her first month of business:a$.$ Moon invested $$2,500$ worth of equipment into her business along with $$3,000$ cash.b$.$ Submitted a series of articles to The Globe and Mail and received $$6,500$ cash.c$.$ Purchased supplies on credit; $$600.$d$.$ Paid the part$-$time administrative assistant's salary of $$1,450.$Page $58$e$.$ Moon ordered $$3,000$ of office equipment from the IKEA catalogue. It is scheduled to arrive in April or May.f$.$ Paid the rent for the first month; $$1,400.$g$.$ Submitted an article to Report on BusinessUsing the format provided below, show the effects of the activities listed in $($a$)$ through $($g$).$ For each transaction that affects equity, include a brief description beside it $($owner investment, owner withdrawal, revenue, rent expense, and salaries expense$).$

$\backslash$table$[[$Assets$,=,\backslash$table$[[$Uabilities$],[$Accounits$]],+,$ Equlty,$],[$Gash$,\backslash$table$[[$Accounts$],[+$ Recelvable$]],+$ Supplles,$+$ Equlpment,$+,\backslash$table$[[$Mallin Moon,$],[$Capital$]],\backslash$table$[[$Explanation of Equity$],[$Transaction$]]]]$

Exercise $1-21$Financial statements LO$8$ eXcel

CHECK FIGURES: Profit $=$$$8,150$; Total assets $=$$$14,250$

Using your answer from Exercise $1-20,$ prepare an income statement, a statement of changes in equity, and a balance sheet using the formats provided.

Use the format provided below for the financial statements.

Mallln Moon$-$Freelance Writing Income Statement

For Month Ended March $31,2017$

Revenues:

Freelance writing revenue

Operating expenses:

Salaries expense

Rent expense

Total operating expenses

Profit $q,$

$q,$

$q,$

$q,$

$q,$

$q,$

$q,$

$q,$

Profit $..............................................................................................$

Mailin Moon$-$Freelance Writing Statement of Changes in Equity For Month Ended March $31,2017$

Mailin Moon, capital, March $1.q,$

Investments by owner $q,$

Profit $q,$

Mailin Moon, capital, March $31.q,$

Mailin Moon$-$Freelance Writing

Balance Sheet

March $31,2017$

Analysis Component: Identify which assets were financed by:

a$.$ Liabilities

b$.$ Owner investment

c$.$ Profit$/$Owners$\text{'}$ equity

Also identify the amount$($s$)$ for each.; will receive $$4,500$ next month.