The listing of the business transactions need to be transferred into an T-Account Form in the following format (business transactions are below the T Account Form)

Balance Sheet T= Transaction \# B= Account total debit column/total Credit column Assets HAND WRITTEN! EB=Ending Account Balance to post to financials= Ending Dr or Cr balance Assets Continued... Liabilities Equity Income Statement Revenues Expenses YOU MUST ENTER YOUR TOTALS BELOW TO RECEIVE ANY POINTS FOR YOUR T ACCOUNT POSTINGS! Be sure to have included your Income Tax adjustment after calcuating the Income before tax net income Check Input Totals Debits Total Credits Total Assets Total Liabilities Total Stock/Equity Revenue Expense Net Income Before Tax Income Tax 20\% Net Income \begin{tabular}{|l|} \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} (To record purchase of building by issuing Note and down payment in cash) (to record cash received in advanace for service to be perfformed in future) Computation of Net Income : Net Income = Service Revenue Expenses Service Revenue =$30,000+$16,000+$2,000+$8,000=$56,000 Expenses = Salary and wages expense + Utilities expense + Depreciation Expense + Rent Expense +Supplies expense +interest expense =$11,000+$1,500+600+500+$1,000+$2,900 =$17,500 Net Income =$56,000$17,500=$38,500 Income Tax =$38,50020%=$7,700