Analyzing transactions using the financial statents effects temaplate and preparing an income statement

50100001-Financial Accounting-Online My Subscriptions Courses /50100001 -Financial Accounting-Online / Chapter 2/Chapter Two Homework ASS CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 9 answer Marked out of 106.00ag question Analyzing Transactions Using the Financial Statement Effects Template and Preparing an Income Statement On December 1, 2015. R. Lambert formed Lambert Services, which provides career and vocational counseling services to graduating college students. The following transactions took place during December, and company accounts include the following Cash Accounts Receivable. Land, Accounts Payable, Notes Payable, Common Stock, Retained Earnings, Counseling Services Revenue, Rent Expense. Advertising Expense. Interest Expense. Salary Expense, and Utlities Expense Finish 1) Raised $3,500 cash through common stock issuance 2 Paid 5375 cash for December rent on es furnished office space (3) Received $250 invoice for December adversising expenses 4) Borrowed $7,500 cash from bank and signed nate payable for theto Received 5600 cash for counseling services rendered Bed cients $3,400 far counseling services rendered ) Pad 1,100 cagh for secretary salary Paid $185 cash for December its Declared and paid 5450 cash dividend 11) Paid 550 cash to bank as December inoenes expenoe on noe payable Required a. Report the effects for each of the separate transactions 1 throush 11 using the financial statement effects template. Total all columns and prove that () assets equal labilities plus equity at December 31, and (2) revenues less expenses equal net income for December HP L1950