Analyze and Report Financial Statement Effects of Transactions

M$.$ E$.$ Carter launched Carter Company, a professional services firm on March $1.$ 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 $$140,000$ cash and $$280,000$ in property and equipment. The company issued common stock to Carter.

b$.$ The company paid $$4,480$ cash for rent of office furnishings and facilities for March.

c$.$ The company performed services for clients and immediately received $$5,600$ cash for these services.

d$.$ The company performed services for clients and sent a bill for $$33,600$ with payment due within $60$ days.

e$.$ The company compensated an office employee with $$6,720$ cash as salary for March.

f$.$ The company received $$14,000$ cash as partial payment on the amount owed from clients in transaction d$.$

g$.$ The company paid $$1,309$ cash in dividends to Carter $($owner$).$

Note: Use negative signs with answers when appropriate.

Note: If an answer field is not needed, leave it blank $($not all answer fields will be used$).$

BALANCE SHEET INCOME STATEMENT

Cash Noncash Contributed Earned Net

Transaction Asset Assets Liabilities Capital Capital Revenues Expenses Income

a$.$ Issued stock for cash and PPE.

b$.$ Paid for rent.

c$.$ Performed services for cash.

d$.$ Performed services for on account.

e$.$ Paid cash for wages.

f$.$ Received cash on receivable.

g$.$ Paid dividends.