analysis transactions using the financial statement effect template

hanlon advertising company began the current month with the following balance sheet.

cash $80,000

noncash assets $135000

total assets $215,000

liabilities $70,000

contributed capital $110,000

earned capital $35,000

total liabilities and equity $215,000

following are summary transactions that occurred during the current month.

1. the company purchased supplies for $7,500 cash nono were used this month

2.services of $3,750 were performed this month on credit

3. services were performed for $15,000 cash this month

4. the company purchased advertising for $12,000 cash the ads will run next month

5. the company received $1,800 cash as partial payment on accounts receivable from transactions 2.

6. the company paid $5,100 cash towards the accounts payable from the prior month

7.paid $4,650 cash towards this month's wages expenses

8. the company declared and paid dividends of $750 cash

(a) record the effects of each transaction using the financial statement effects template

(b)prepare the income statement for this month and balance sheet as of the end.