Lisa Vozniak started her own business, We Do Windows. She offers interior and exterior window cleaning for local area residents. Lisa rents a garage to store her tools and cleaning supplies and has a

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Lisa Vozniak started her own business, We Do Windows. She offers interior and exterior window cleaning for local area residents. Lisa rents a garage to store her tools and cleaning supplies and has a part-time assistant to answer the phone and handle third-story work. (Lisa is afraid of heights.) The transactions for the month of July are as follows:(a) On the first day of the month, Vozniak invested cash by making a deposit in a bank account for the business, $8,000.(b) Paid rent for July, $150.(c) Purchased a used van for cash, $5,000.(d) Purchased tools on account from Clean Tools, $600.(e) Purchased cleaning supplies that cost $300. Paid $200 cash and will pay the balance next month, $100.(f) Paid part-time assistant (wages) for first half of month, $100.(g) Paid for advertising, $75.(h) Paid two-year premium for liability insurance on van, $480.(i) Received cash from clients for services performed, $800.(j) Performed cleaning services for clients on account, $500.(k) Paid phone bill, $40.(l) Received cash from clients for window cleaning performed on account in transaction (j), $200.(m) Paid part-time assistant (wages) for last half of month, $150.(n) Made partial payment on tools purchased in transaction (d), $200.(o) Earned additional revenues amounting to $800: $600 in cash and $200 on account.(p) Vozniak withdrew cash at the end of the month for personal expenses, $100.Required:1. Enter the above transactions in an accounting equation similar to the one illustrated below.Assets =Liabilities+Owner’s Equity (Items Owned)(Amounts Owed)(Owner’s Investment)+(Earnings)Cash +Accounts Receivable+Supplies+Prepaid Insurance+Tools+Van=Accounts Payable+Lisa Vozniak, Capital – Lisa Vozniak, Drawing+Revenues-ExpensesDescription2.After transaction (p), compute the balance of each account.3.Prepare an income statement for We Do Windows for the month of July 20–.4.Prepare a statement of owner’s equity for We Do Windows for the month of July 20–.5.Prepare a balance sheet for We Do Windows as of July 31, 20–.

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