3. Britt's Bike's began operations in May 2012 and had the following transactions. a) Owner invested $40,000 cash and a truck worth $12,000 in exchange for stock b) Paid rent expense of $8,000. c) Purchased $100,000 of bicycle inventory on credit d) Sold bicycles for cash of $169,000. The cost of the bikes sold was $60,000. e) Sold and invoiced bicycles to a client for $31,800. The cost of the bikes sold was $16,000. f) Bought promotional materials and plane tickets for Tour de France, for $30,000 in cash and recorded the entire amount as advertising expense. g) Paid $8,000 in cash for supplies to do bike repairs. h) Collected $20,000 from accounts receivable. i) Paid for bikes purchased on credit in c above. j) Paid cash dividends of $1,000. k) Recorded revenue for $2,000 received from customer. Required: Record each transaction a) through k) in the financial statements effects template, below. Balance Sheet Income Statement Transaction + Cash Noncash Asset Assets Liabil ities + . Contrib. Earned Rev- Capital Capital enues Expen- Ne ses In con a) b) c) d) e) f) g) h) i) j) k) At the end of May, the following information is available: 1. At the end of May, $6,400 supplies remained on hand. Rent paid in transaction b is rent for May and June. iii. The expenditures in transaction f relate to a major ad campaign that will occur in June during the Tour de France. iv. The truck is expected to be used for five years (60 months). v. The deposit in transaction k is for a bike to be built and delivered in July Required: Record any accounting adjustments required for items i through v., in the financial statement effects template, that follows. 100% Give Fee