Selected transactions for Mr. Rahim, an interior decorator, in his first month of business, are as follows. Jan. 2 Invested $20,000 cash in business. 3 Purchased used car for $8,000 cash for use in business. 9 Purchased supplies on credit for $1000. 11 Billed customers $3,600 for services performed. 16 Paid $400 cash for advertising. 20 Received $1400 cash from customers billed on January 11. 23 Paid creditor $600 cash on balance owed. 28 Withdrew $2,000 cash for personal use by owner. Requirements: 1. Analyze the preceding transactions in terms of their effects on the accounting equation. 2. Prepare the income statement, statement of retained earnings, and balance sheet of the business after recording the transactions