please complete the questions.

Use double-entry (T) accounts to record the following transactions:

1. Invest $40,000 in your own business

2. Borrow an additional $60,000 for five years to invest in the business.

3. Buy office equipment for cash: $25,000 (useful for five years)

4. Buy inventory of office supplies on account: $10,000

5. Prepay rent on office space for one year: $18,000

6. Use $1,000 of office supplies in creating first project

7. Pay employees $1,500 for work done on first project

8. Receive payment of $14,000 for first project: $7,000 cash and $7,000 on account.

9. Pay utility bill of $800 with cash.

10. Receive bill for installation of information system: $600, to be paid later.

11. Complete and ship project 2 with invoice for $20,000

12. Recognize wages due to employees of $4,000 on project 2

13 .Collect $7,000 payment on project 1.

14. Collect payment of $5,000 on project 2.

15. Pay $8,000 on account payable

16 .Recognize six months office rent

17. Recognize six months use of office equipment.

18. Make payment of $3,300 on loan: $3,000 principle and $300 interest.

Continue with the following tasks:

- Prepare the income statement

- Close out revenue and expense accounts to net income

- Close out net income to retained earnings

- Prepare the balance sheet