Aug. 30 Paid the entire outstanding balance owed for office supplies purchased on August 11 A partial list of the account titles used by the company includes: Cash Notes Payable Accounts Receivable Accounts Payable Q No 1: ZAMAN Consulting incorporated on August 1, 2021. The company engaged in the following transactions during its first month of operations: Aug. 1 Issued capital stock in exchange for $750,000 cash. Aug. 5 Borrowed $50,000 from the bank by issuing a note payable. Aug. 8 Purchased land, building, and office equipment for $600,000. The value of the land was $100,000, the value of the building was $450,000, and the value of the office Office Supplies Capital Stock Land Client Service Revenue Building Advertising Expense Office Equipment Salaries Expense Required: equipment was $50,000. The company paid $300,000 cash and issued a note payable for the balance. a. Analyze the effects that each of these transactions will have on the following six components of the company's financial statements for the month of August. Organize your answer in tabular form, using the column headings shown below. Use I for increase, Aug. Ih Purchased office supplies for $600 on account. The supplies will last for several months. D for decrease, and NE for no effect. The August 1 transaction is provided for you: Aug. 14. Paid the local newspaper $400 for a full-page advertisement. The ad will appear in Income Statement print on August 18 Transaction Aug. 1 Revenue - Expenses = Net Income NE NE Balance Sheet Assets = Liabilities + Owners' Equity 1 NE 1 NE Aug. 20 Several of the inkjet printer cartridges that ZAMAN purchased on August 11 were defective. The cartridges were returned and the office supply store reduced ZAMAN's b. Prepare journal entries, including explanations, for the above transactions. outstanding balance by $100. c. Post each entry to the appropriate ledger accounts (use the T account Format) d. Prepare a trial balance dated August 28, 2021. Assume accounts with zero balances are Aug. 22 Performed consulting services for $6,000 cash. Aug. 24 Billed clients $9,000. not included in the trial balance Aug. 25 Paid salaries of $5,000