Accounting Question

The owners of ARC Delivery Services decided to enter into the delivery service business. During the first month of operations (March 2023), they had the following business transactions:

1. The owners invested $50,000 in the business
2. The Company bought 1st. delivery equipment for $8,000 cash. They are planning to use it for 4 years, estimating a salvage value = 0
3. The Company received $6,000 cash from clients for delivery services
4. The Company paid $1,000 for office rent for Mar/2023
5. The Company bought 2nd. delivery equipment for $6,000 “on account”. They are planning to use it for 3 years, estimating a salvage value = 0
6. The Company paid $5,000 for an insurance policy that will last 10 months
7. Deliveries services of $4,000 were made: $2,000 in cash, $2,000 on account
8. The Company paid the first installment of the 2nd. delivery equipment of $1,000 (5)
9. The Company paid $200 cash for phone service for Mar/2023
10. The Company performed delivery services in the amount of $3,000 “on credit”
11. The Company purchased $700 in supplies that will last 7 months
12. The Company received $1,000 in cash for delivery services performed for customers earlier in the month. (10)
13. The Company paid 2,000 for salary for Mar/2023
14. The Company withdrawal 10,000 out of the business for personal expense. A) Please, analyze each transaction; determine the impacts, the affected accounts, the amounts, and Debits and Credits. Then, record the transactions in the corresponding T accounts. Please, include the transaction number next to each entry in the T accounts. Calculate the account balances. B) Based on the results, prepare the Trial Balance, the Income Statement, the Statement of Owner’s Equity, the Balance Sheet and the Statement of Cash Flows for the end of March 2023 (3/31/2023).