Book Transaction Analysis and Financial Statements Neveranerror Inc. was organized on June 2 by a group of accountants to provide accounting and tax services to small businesses. The following transactions occurred during the first month of business June 2: Received contributions of $10,000 from each of the three owners of the business in exchange for shares June 5: June 8: of stock Purchased a computer system for $12,000. The agreement with the vendor requires a down payment of $2,500 with the balance due in 60 days. Signed a two-year promissory note at the bank and received cash of $20,000. June 15: Billed $12,350 to clients for the first half of June. Clients are billed twice a month for services performed during the month, and the bills are payable within ten days. June 17: Paid a $900 bill from the local newspaper for advertising for the month of June. June 23: Received the amounts billed to clients for services performed during the first half of the month June 28: Received and paid gas, electric, and water bills. The total amount is $2,700. June 29: Received the landlord's bill for $2,200 for rent on the office space that Neveranerror leases. The bill is payable by the 10th of the following month. June 30: Paid salaries and wages for June. The total amount is $5,670. June 30: Billed $18,400 to clients for the second half of June. June 30: Declared and paid dividends in the amount of $6,000. Required: 1. Complete the below table to summarize the preceding transactions as they affect the accounting equation. Ignore depreciation expense and interest expense. If an account is unaffected by a transaction, enter "" Use the minus sign to indicate decreases. Assets Neveranerror Inc. Transactions for the Month of June Stockholders' Equity Retained Earnings June 2 June 5 Ba June Bal June 15 Bal June 17 Nevernerror Inc. Transactions for the Month of June Assets Date Cash Accounts Receivable Computer Liabilities Rent Payable Accounts Payable Notes Payable Stockholders' Equity Capital Steck Retained Earnings J23 June 20 June 29 Bel J30- Ba June 30-ed cent June 30 Dividends Total Total and Stockholder fo Neveranerror Inc. Income Statement For the Month Ended June 30 Service revenue Expenses: Feedback 44,580 X 2b. Prepare the statement of retained earnings for the month of June. If an amount i Neveranerror Inc. Statement of Retained Earnings For the Month Ended June 30 Beginning balance, June 1 Add: Net income Deduct: Dividends Ending balance, June 30 Feedback 2c. Prepare the classified balance sheet at June 30. Neveranerror Inc. Balance Sheet June 30 Assets Current assets: Cash Accounts receivable Total current assets Property, plant, and equipment: 8 2c. Prepare the classified balance sheet at June 30. Assets Current assets: Neveranerror Inc. Balance Sheet June 30 Cash Accounts receivable Total current assets Property, plant, and equipment: Computer Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Rent payable Long-term debt: Notes payable Total liabilities Capital stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity B B 00 000 000