Transactions and Financial Statements. Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Opened a business bank account in the name of Stanley Insurance Inc., with a deposit of $50,000 in exchange for common stock. b. Borrowed $25,500 by issuing a note payable.. c. Received cash from fees earned, $28,000. d. Pald rent on office and equipment for the month, $2,800. e. Paid automobile expense for the month, $1,700, and miscellaneous expense, $600. f. Paid office salaries, $3,900. g. Paid interest on the note payable, $100. h. Purchased land as a future building site, $54,000. 1. Pald dividends, $4,300. Instructions: 1. Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash outflows as negative amounts. Statement of Cash Flows a. Issued common stock b. Issued note payable Balances. Cash 50,000 25,000 75,000 Assets Land = = Liabilities Balance Sheet + Stockholders Equity 000 Transactions and Financial Statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Opened a business bank account in the name of Stanley Insurance Inc., with a deposit of $50,000 exchange for common stock. b. Borrowed $25,500 by issuing a note payable. c. Received cash from fees earned, $28,000. d. Paid rent on office and equipment for the month, $2,800. e. Paid automobile expense for the month, $1,700, and miscellaneous expense, $600. f. Paid office salaries, $3,900. g. Paid interest on the note payable, $100. h. Purchased land as a future building site, $54,000. 1. Paid dividends, $4,300. Instructions: 1. Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash outflows as negative amounts. Statement of Cash Flows a. Issued common stock b. Issued note payable Balances Cash 50,000 25,000 75,000 Assets + Land 300 000 Liabilities Balance Sheet + + 000 Stockholders Equity 000 c. Fees earned Balances d. Rent expense Balances e. Paid expenses Balances f. Paid Interest expense Balances. 9. Purchased land Balances h. Paid dividends Balances 1. Paid salary expense Balances, July 31 28,000 28,000 2,800 2,800 2,300 2,300 100 100 4,300 4,300 3,900 Statement of Cash Flows 3,900 54,000 54,000 Income Statement a. b. C. d. e. f. 9 h. i. Statement of Cash Flows 2. Which of the following shows the correct effect on the accounting equation for a utility expense that paid when billed? 3. Prepare an income statement for July. Stanley Insurance Inc. Income Statement C. d. e. e. f. 9. Income Statement 3. Prepare an income statement for July. Stanley Insurance Inc. Income Statement For the Month Ending July 31, 20Y5 Revenues: Expenses: Total expenses Net income Prepare a statement stockholders equity for July. If your answer is zero enter 0 . Stanley Insurance Inc. Statement of Stockholders Equity For the Month Ending July 31, 20Y5 Balances, July 1, 20Y5 Y Common Stock Retained Earnings Total 1000 Prepare a statement of stockholders equity for July. If your answer is zero enter 0 . Stanley Insurance Inc. Statement Stockholders Equity For the Month Ending July 31, 20Y5 Balances, July 1, 20Y5 Balances, July 31, 20Y5 Common Stock Retained Earnings 4. Prepare a balance sheet as of July 31, 20Y5. Stanley Insurance Inc. Balance Sheet July 31, 20Y5 Assets Total assets Liabilities Stockholders Equity QOQ Q Tota 4. Prepare a balance sheet as of July 31, 20Y5. Stanley Insurance Inc. Balance Sheet July 31, 20Y5 Assets Total assets Liabilities Stockholders Equity Total stockholders equity Total liabilities and stockholders equity For the Month Ending July 31, 20Y5 $ 5. Prepare a statement of cash flows for July. Use the minus sign indicate cash out flows, decreases in cash, or cash payments. if your answer zero enter 0 Stanley Insurance Inc. Statement of Cash Flows Cash flows from operating activities: $ Total stockholders equity Total liabilities and stockholders equity 5. Prepare a statement of cash flows for July. Use the minus sign to indicate cash out flows, decreases in cash, or cash payments. if your answer is zero enter 0 . Stanley Insurance Inc. Statement of Cash Flows For the Month Ending July 31, 20Y5 Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities: $ 00 000