P$1\mathrm{.}8$B $($LO $4,5,6)$ AP Fraser Baker opened Baker's Media Consulting in Winnipeg on September $1,2024.$ On September $30,$ the balance sheet showed Cash $$5,700$; Accounts Receivable $$2,100$; Supplies $$350$; Equipment $$7,600$; Accounts Payable $$4,300$; and F$.$ Baker, Capital $$11,450.$ During October, the following transactions occurred:

Oct. $1$ Paid $$3,800$ of the accounts payable.

$1$ Paid $$900$ rent for October.

$4$ Collected $$1,550$ of the accounts receivable.

$5$ Hired a part$-$time office assistant at $$80$ per day to start work the following week.

$8$ Purchased additional equipment for $$4,000,$ paying $$500$ cash and signing a note payable for the balance.

$14$ Performed $$900$ of consulting work on account.

$15$ Paid $$300$ for advertising.

$18$ Collected $$400$ from customers who received services on October $14.$

$20$ Paid $$500$ for family dinner celebrating Fraser's son's university graduation.

$25$ Borrowed $$8,000$ from the Manitoba Bank on a note payable.

$26$ Sent a statement reminding a customer that he still owed the company money from September.

$28$ Earned revenue of $$5,400,$ of which $$3,100$ was paid in cash and the balance was due in November.

$29$ Paid the part$-$time office assistant $$720$ for working nine days in October.

$29$ Received $$2,800$ cash for consulting work to be performed in November.

$30$ Received the telephone bill for the month, $$205.$

$30$ Withdrew $$1,200$ cash for personal expenses.

Instructions

a$.$ Beginning with the September $30$ balances, prepare a tabular analysis of the effects of the October transactions on the accounting equation.

b$.$ Prepare an income statement and statement of owner's equity for October, and a balance sheet at October $31.$