Mark Chen started his graphic design business, DesignMark Studios, on August 1,2024. The following transactions...

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Accounting

Mark Chen started his graphic design business, DesignMark Studios, on August 1,2024. The following transactions occurred during March: March 1: Mark invested $10,000 cash to start the business. March 2: Purchased computer equipment for $3,500, paying cash. March 3: Bought office furniture for $2,200 on credit. March 5: Paid $800 for the first month's rent. March 7: Received $2,500 for a completed logo design project. March 9: Purchased land for $6,000 and signed a promissory note to pay in 4 months.March 11: Completed a website design project for $3,800, client to pay within 30 days. March 13: Paid $300 for online advertising. March 15: Withdrew $1,000 for personal use. March 17: Received a $1,500 advance from a client for a future project. March 19: Purchased office supplies for $250, paying cash. March 21: Paid $500 towards the office furniture bought on credit on March 3. March 23: Delivered the project of March 17.March 24: Hired a part-time assistant. He will be paid weekly $600. March 25: Took out a small business loan of $5,000 from the bank. March 26: Purchased a new high-performance laptop for $2,800, using part of the loan. March 28: Received $2,800 from the client billed on March 11. March 29: Paid $1200 insurance for the upcoming 12 months. March 30: Completed a rush job for a client, charging $1,200, to be paid next month. March 31: Paid monthly utilities bill of $180. Task: Prepare a tabular analysis of the effects of the above transactions on the accounting equation. Include Subcategories for Assets (Cash, Accounts Receivable, Equipment, Furniture, Supplies, Prepaid insurance, Land), Liabilities (Accounts Payable, Notes Payable, Unearned Revenue), and Owner's Equity (Mark Chen-Capital, Mark Chen-Capital withdrawals, Revenue, expenses.

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