a. Identify each transaction. a Select Adjustment for cost of supplies used Earned fees from cash customers Earned fees on account Issued capital stock in exchange for cash Paid cash to creditors for amounts owed Paid dividends Paid expenses Purchased supplies, on account h. Select b. What is the amount of the net income for July? Accrual Basis of Accounting, Troy Reece established Reece Services, P.C., a professional corporation, in July of the current year. Reece Services offers financial planning advice to its clients. The effect of each transaction on the balance sheet and the balances after each transaction for July are as follows. Each increase or decrease in stockholders' equity, except transaction (h), affects net income. Balance Sheet Assets = + Statement of Cash Flows Liabilities Accounts Payable Stockholders' Equity Capital Retained Stock + Earnings Income Statement Accounts Receivable Cash + + Supplies = + 50,000 50,000 1,500 1,500 Bal. 50,000 1,500 1,500 50,000 -1,000 -1,000 Bal. 49,000 1,500 500 50,000 d. 35,000 35,000 d. Bal. 84,000 1,500 |500 50,000 35,000 -21,000 -21,000 e. Bal. 63,000 1,500 500 50,000 14,000 -1,100 -1,100 f. Bal. 63,000 400 500 50,000 12,900 10,000 10,000 Bal. 63,000 10,000 400 500 50,000 22,900 -8,000 -8,000 Bal. 55,000 10,000 400 500 50,000 14,900 Bal. 55,000 10,000 400 500 50,000 14,900 Statement of Cash Flows a. Financing 50,000 c. Operating -1,000 d. Operating 35,000 e. Operating -21,000 h. Financing -8,000 55,000 Income Statement d. Fees earned 35,000 e. Expenses -21,000 f. Expenses -1,100 g. Fees earned 10,000 22,900 a. Identify each transaction. a. Select b. Select C. Select d. Select e. Select f. Select g. Select h. Select b. What is the amount of the net income for July? $