Analyzing Transactions Luis Madero, after working for several years with a large public accounting firm, decided to open his own accounting service. The business is operated as a corporation under the name Madero Accounting Services. The following captions and amounts Summarie Madero's balance sheet at July 31. Assets Accounts Receivable Liabilities Accounts Payable 2,500 Common Stock Cash Notes Payable 1,000 Equity Retained Earnings . 9,500 Supplies 4,100 8,000 + 15,900 + 12,000 The following events occurred during August Issued common stock to Ms. Car in exchange for $15,000 cash b. Paid $850 for first month's rent on office space Purchased supplies of $2,250 on credit Borrowed 8,000 from the bank e Paid 51,000 on account for supplies purchased earlier on credit Paid secretary's lary for August of $2,150. a. Performed accounting services for cients who paid cash open completion of the service in the total amount of 1,700 Used $3,1n of the supplies on hand Performed accounting services for clients on credit in the total amount of $1,020 1. Purchased $500 in supplies for cash . Collected $1.290 cash from clients for whom services were performed on credit Pard $1.000 dividend to stockholders Required 1. Record the effects of the transactions listed above on the accounting equation. The total at Jul 31 have ready been an unter des croqueren leave unk. Enter decreases in account values as negative numbers Press Check My Work 1. Record the effects of the transactions listed above on the accounting equation. The totals at July 31 have already been entered. If an amount box does not require an entry leave it blank. Enter decreases in account values as negative numbers Assets Liabilities Equity Accounts Accounts Notes Retained Cash Receivable + Supplies Payable Payable Common Stock Earnings 8,000 15,900 4,100 2,500 4,000 12,000 9,500 + . + b. G 0 1 Check My Work 1. 3.3.EE 2. Prepare the trial balance at August 31. If an amount box does not require an entry, leave it blank. Madero Accounting Services Trial Balance August 31 Account Debit Credit DO in