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After its first month of operations, Paquette Advisors showed the following account balances in its general ledger accounts (T- accounts) as at January 31, 2020. Cash 15,000 Accounts Receivable 3,800 Office Equipment 22,500 Accounts Payable Unearned Revenue 2,600 Aaron Paquette, Capital 9,500 8,000 Aaron Paquette, Withdrawals 2,000 Consulting Revenues 41,700 Salaries Expense 10,000 Rent Expense Utilities Expense 1,000 7,500 During February, the following transactions occurred: Feb. i Performed work for a client and received cash of $8,500. 5 Paid $5,000 regarding outstanding accounts payable. 10 Received cash of $3,600 for work to be done in March. Called Fasco Rentals to book the use of some equipment next month. The $400 12 rental fee will be paid in full when the equipment is returned. 17 The owner withdrew cash of $3,000 for personal use. Cash 15,000 Accounts Receivable 3,800 Office Equipment 22,500 Accounts Payable 8,000 Unearned Revenue 2,600 Aaron Paquette, Capital 9,500 Aaron Paquette, Withdrawals 2,000 Consulting Revenues 41,700 Salaries Expense 10,000 Rent Expense Utilities Expense 7,500 1,000 During February, the following transactions occurred: Feb. 1 Performed work for a client and received cash of $8,500. 5 Paid $5,000 regarding outstanding accounts payable. 10 Received cash of $3,600 for work to be done in March. Called Fasco Rentals to book the use of some equipment next month. The $400 12 rental fee will be paid in full when the equipment is returned. 17 The owner withdrew cash of $3,000 for personal use. 28 Paid salaries of $10,000. 3. Prepare a trial balance based on the balances in your T-accounts. PAQUETTE ADVISORS Trial Balance February 28, 2020 Debit Credit 4. Prepare an income statement for the two months ended February 28, 2020. PAQUETTE ADVISORS Income Statement For Two Months Ended February 28, 2020 Revenues: Consulting revenues Operating expenses: Total operating expenses 0 5. Prepare a statement of changes in equity for the two months ended February 28, 2020, PAQUETTE ADVISORS Statement of Changes in Equity For Two Months Ended February 28, 2020 Aaron Paquette, capital, January 1 Total Aaron Paquette, capital, February 28

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