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PART A 1. Indicate the effect of each transaction during the month of October 2016 and the balances for the accounting equation after all transactions have been recorded. No beginning balances exist in the accounts. An accounting equation has been provided. a. Opened a business bank account for Jones, Inc., with an initial deposit of $45,000 in exchange for capital stock. b. Paid rent on the office building for the month, $2,000. c. Received cash for fees earned of $5,000. d. Purchased equipment, $7,000. e. Borrowed $20,000 by issuing a note payable. f. Paid salaries for the month, $1,000. g. Received cash for fees earned of $8,000. h. Paid dividends, $3,000. i. Paid interest on the note, $100. PART B 2. Using the information from Part A, prepare an income statement for the month of October 2016 (10 points) \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Jones, Inc. } \\ \hline \multicolumn{2}{|c|}{ Income Statement } \\ \hline \multicolumn{2}{|c|}{ For the Month Ended October 31, 2016 } & \\ \hline Revenues: & & \\ \hline & & \\ \hline Expenses: & & \\ \hline & & \\ \hline & & \\ \hline Total Expenses & & \\ \hline Net Income & & \\ \hline \end{tabular} 3. Using the information from Part A, prepare a statement of retained earnings for the month of October 2016 ( 10 points) Jones, Inc. Retained Earnings Statement For the Month Ended October 31, 2016 \begin{tabular}{|l|l|l|} \hline Retained Earnings, October 1, 2016 & & \\ \hline Add: & & \\ \hline Less: & & \\ \hline Retained Earnings, October 31, 2016 & & \\ \hline \end{tabular} 4. Using information from Part A, prepare a balance sheet for the month of October 2016 (10 points) 5. Using information from Part A, prepare a statement of cash flows for

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