3 d. Gasolinell, and several package Advertising fyers announcing the da newspaper ad were purchased. The cost of these items, 585, will be paid in 30 days During the first two weeks of oper lemowed. The total revenue for this work was $353: 5233 was collected in cash and the balance will be recewth 30 days g. Employees were paid $210 for the during the first two weeks 1. Additional gasoline, oil and trash bags to $55 were purchased for cash. L in the last two weeks of the first month revenues totaled $460, of which $183 was collected ). Employee wages for the last two weeks totaled $255, these will be paid during the first week of the next month. it was determined that at the end of the month the cost of the gasolineol, and trash bags still on hand was $15. L. Customers paid a total of 575 due from mowing services provided during the first two weeks. The revenue for these services was recognized in transaction Required a Record each transaction in the appropriate columns, indicate the financial statement effect b. Calculate the total assets, abilities, and owners' equity at the end of the month and calculate the amount of net income for the month c. Aer completing parts through I prepare an income statement for Gray Mowing Services inc. for the month presented and balance sheet at the end of the month Answer is not complete Complete this question by entering your answers in the tabs below. Red Recordato in the appropriate con indicate the financial statement effect. Enter decreases with a mission to indicate a negative financial statement effect) LIABILITES STOCKHOLDERS' EQUITY Account Pald- Retained Pace En Payable Lamins 300 545 as 20 2100 460 1 255 255 OO 301 357 13 545 Required) The following are the transactions relating to the formation of Gray Mowing Services Inc. and its first month of operations. a. The firm was organized and the initial stockholders invested cash of $300 b. The company borrowed 5450 from a relative of one of the initial stockholders: a short-term note was signed. c. Two zero-turn lawn mowers costing $240 each and a professional trimmer costing S65 were purchased for cash. The original list price of each mower was $305, but a discount was received because the seller was having a sale. d. Gasoline oil, and several packages of trash bags were purchased for cash of $45 ..Advertising flyers announcing the formation of the business and a newspaper ad were purchased. The cost of these items. $85. will be paid in 30 days. 1. During the first two weeks of operations. 47 lawns were mowed. The total revenue for this work was $353: $233 was collected in cash and the balance will be received within 30 days. 9. Employees were paid $210 for their work during the first two weeks. h. Additional gasoline oil, and trash bags costing $55 were purchased for cash I. In the last two weeks of the first month, revenues totaled $460, of which $188 was collected j. Employee wages for the last two weeks totaled $255, these will be paid during the first week of the next month k. It was determined that at the end of the month the cost of the gasoline, oil, and trash bags still on hand was $15. 1. Customers paid a total of $75 due from mowing services provided during the first two weeks. The revenue for these services was recognized in transaction f. Required: a. Record each transaction in the appropriate columns. Indicate the financial statement effect. b. Calculate the total assets. liabilities, and owners' equity at the end of the month and calculate the amount of net income for the c. After completing parts a through t, prepare an income statement for Gray Mowing Services Inc. for the month presented and balance sheet at the end of the month month Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Expenses Required A Required B Required C Required 2 Record each transaction in the appropriate columns. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) ASSETS LIABILITIES STOCKHOLDERS' EQUITY Transaction Accounts Notes Accounts Paid in Retained Cash Receivable Supplies Equipment Payable Payable Capital Earnings Revenue 300 300 450 450 (545) 545 (451 85 1 233 120 353 12101 (55) 188 272 400 256 (85) 75 (75) 391 317 - 15 545 450 340 300 - 0 . . 85 2100 255 85 1 635 Retired Required B >