Required 1. Set up balance column accounts based on the chart of accounts provided. 2. Prepare journal entries to record each of the following October transactions. 3. Post the October entries. 4. Prepare a trial balance at October 31,2014. 5. Prepare an income statement and a statement of changes in equity for the month ended October 31, 2014, as well as a balance sheet at October 31, 2014. Oct. 1 Mary Graham invested $90,000 cash, a $36,000 computer system, and $18,000 of office equipment in the business. 2 Paid rent in advance of $9,000. 3 Purchased computer supplies on credit for $2,640 from Abbott Office Products. 5 Paid S4,320 cash for one year's premium on a property and liability insurance policy. 6 Billed Capital Leasing $6,600 for installing a new computer. 8 Paid for the computer supplies purchased from Abbott Office Products. 10 Hired Carly Smith as a part-time assistant for $200 per day, as needed. 12 Billed Capital Leasing another $2,400 for computer services rendered. 15 Received $6,600 from Capital Leasing on its account. 17. Paid $1,410 to repair computer equipment damaged when moving into the new office. 20 Paid $3,720 for an advertisement in the local newspaper. 22 Received $2,400 from Capital Leasing on its account. 28 Billed Decker Company $6,450 for services. 31 Paid Carly Smith for seven days' work. 31 Mary Graham withdrew $7,200 cash from the business for personal use