Assessing Financial Statement Effects of Transactions B. Fischer started Fischer Company, a cleaning services firm, on April 1. Record the following transactions for April using the financial statement effects template. April 1 B. Fischer invested $7,200 cash to begin the business in exchange for common stock. April 2 Paid $2,280 cash for six months lease on a van for the business. April 3 Borrowed $8,000 cash from a bank and signed a note payable, agreeing to repay it in one year plus 10% interest. April 4 Purchased $4,400 in cleaning equipment; the company paid $2,000 cash with the remainder due within 30 days. April 5 Paid $3,440 cash for cleaning supplies. April 7 Paid $280 cash for advertisements to run in the area newspaper during April. April 21 Billed customers $2,800 for services performed. April 23 Paid $2,400 cash toward the account for cleaning equipment (see April 4). April 28 Collected $1,840 cash from customers on their accounts billed on April 21. April 29 Paid $800 cash for dividends. April 30 (a) Paid $2,200 cash for April wages.

April 30 (b) Paid $796 cash for gasoline used during April.

Income Statement