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Question 1: [20 marks] On Dec 1, 2020, Abdulla & Co. had the following account balances: Cash, $5,000; Accounts Receivable, $2,000; Prepaid Rent $1,500; Supplies, $850; Equipment, $6,000; Trucks, $15,000; Accounts Payable, $2,500; Common Stock, $20,000; Retained Earnings $7,850. Business transactions during December are as follows: Dec 2 - Company received cash from clients for services, $4,500 Dec 3 - Amount paid to creditors $500 Dec 7 - Paid office rent for the month of December, $750 Dec 12 - Company billed client for accounting services on account, $5,200 Dec 15 - Supplies were purchased on account, $650, Dec 16 - Company received cash from clients billed previously, $6,000 Dec 20 - The company received an invoice for office equipment repair services from Office Dec 22 - Extra for December (the invoice will be paid next month), $850 Dec 23 - Monthly salaries paid, $2,700 Dec 27 - Utilities expense paid, $280 Dec 29 - Miscellaneous expenses paid, $350 Dec 31 - Dividends pald, $550. You are required to prepare the following for the month of December: a. Accounting equation b. Income statement c. Statement of retained earnings d. Balance sheet Accounting equation Dec Cash A/C Equip Tricks Retained Dividends Revenue Prepaid rent Expenses Supplies A/C Payable Common stock ment earnings Receiva ble 2 3 7 12 15 16 20 22 23 27 29 31 Income statement Statement of Retained earnings: Balance sheet