During January, 2021, the first month of operations, the following transactions took place.

Jan 1 Mr. A started his new business by depositing 350,000 in a bank account.

Jan 2.Bought computer equipment costing 145,000 is acquired on cash basis.

Jan 3.Computer supplies in the amount of 25,000 are purchase on account.

Jan 8.Mr. A collected 880,000 in cash for services rendered.

Jan 10.Mr.A. paid 18,000 utility bills for the month of Jan.

Jan 13.Mr. A. billed several clients amounting to 35,000 for service already rendered during the month.

Jan 15.Mr.A made a partial payment of 17,000 for Jan 3 purchase on account.

Jan 18.Checks totalling 25,000 were received from clients for billing dated Jan.13.

Jan 20.Mr. A withdrew 2,000 from the business for personal use.

Jan 25 Received utility bills amounting to 8,000 for the month of Jan.

Jan 31.Mr A. paid his assistant salary for January amounting to 15,000.

Required:

1. Prepare journal entries of the above transactions

2. Prepare Analysis on the effect of the accounting equation

3. Prepare T account

4. Prepare Financial Statements.