Sheet1 Mary established a business and completed the following transactions during March: A. Opened a bank account with a deposit of $65,000 from personal funds. B. Billed customers for services...

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Sheet1 Mary established a business and completed the following transactions during March: A. Opened a bank account with a deposit of $65,000 from personal funds. B. Billed customers for services performed, $6,500. C. Received cash from services performed, $7,500. D. Purchased supplies, $4,100. E. Purchased supplies on account, $1,500 F. Withdrew cash for personal use, $3,500. G. Paid water bill for March, $300. H. Paid office wages, $3,000. I. Paid rent on building for March, $2,500. J. Supplies on hand at the end of the month was $3,100; therefore, the cost of supplies used was $2,500. 1. Determine the effect of each transaction and the balances after each transaction, using the following table: Assets=Liabilities+Owner's Equity Cash+Accounts Receivable+Supplies=Accounts Payable+Joe's Capital-Joe's Drawing+Fees Earned-Rent Expense-Wages Expense-Utilities Expense-Supplies Expense 2. Determine the net income for March. 3. How much did the transactions increase or decrease Mary's capital? Hint: Net income should be $5,700.