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T SAVE Eraser Text Undo Redo . . . Pen Question (2) For the items listed below, fill in the appropriate code letter to indicate whether the item is an asset, liability, or owner's equity item. Code Asset Liability A Owner's Equity L OE 1. Rent Expense 6. Cash 2. Office Equipment 7. Accounts Receivable 3. Accounts Payable 8. Dan Pine, Drawing 4. Dan Pine, Capital 9. Service Revenue 5. Insurance Expense 10. Notes Payable Question (3) An analysis of the transactions made by AHMED & Co., a law firm, for the month of July is shown below. Each increase and decrease in owner's equity is explained Accounts Office Accounts Owner's Equity Cash + Receivable + Supplies + Equipment = Payable + AHMED, Capital 1. +$16,000 +$16,000 Investment 2,000 +$5,000 +$3,000 3 . 750 +$750 4. + 2,500 +$3,600 6,100 Service Revenue 5. 1,500 1,500 6. 2,500 2,500 Drawings 7. 650 650 Rent Expense 8. 550 550 9. 3,500 3,500 Salaries Expense 10. + 500 500 Utilities Expense Instructions (a) Prepare an income statement for the month ending July 31, 2018. (b) Prepare an owner's equity statement for the month ending July 31, 2018.