L06 E2-34.Analyzing and Reporting Financial Statement Effects of Transactions M. E. Carter launched Carter Company, a professional services firm on March I. The firm will prepare financial statements at each month-end. In March (its first month), Carter executed the following transactions.

Enter the transactions, a through g, into the financial statement effects template shown in the module.

a. Carter (owner) invested in the company$ I 00,000 cash and $20,000 in property and equipment. The company issued common stock to Carter.

b. The company paid $3,200 cash for rent of office furnishings and facilities for March.

c. The company performed services for c lients and immediately received $4,000 cash for these services.

d. The company performed services for clients and sent a bill for $24,000 with payment due within 60 days.

e. The company compensated an office employee with $4,800 cash as salary for March.

f. The company received $ 10,000 cash as partial payment on the amount owed from clients in transaction d.

g. The company paid $935 cash in dividends to Carter (owner).