Check Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: for Services to be perform es for cash of $66.000 3. Purchased $1500 1. Accepted $17,600 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $66,000. 3. Purchased $1,500 of office supplies on account. 4. Paid $1,350 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $5,900. 6. Paid cash for operating expenses of $20,000. 7. Determined that at the end of the accounting period $125 of office supplies remained on hand. 8. On December 31, Year 1, recognized the revenue that had been earned for services performed in accordance with Transaction 1 events on the financ designate operating ele. (Do not round in Required Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. The first event has been recorded as an example. (Do not round Intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an Input - leave cells blank if there is no corresponding input needed.) HART, ATTORNEY AT LAW Effect of Transactions on the Financial Statements for Year 1 Balance Sheet Income Statement Stockholders' D E N Statement of Cash Check my work Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. The first event has been recorded as an example. (Do not round Intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells in the "Statement of Cash Flows" column may require an Input - leave cells blank if there is no corresponding input needed.) Transaction Assets HART, ATTORNEY AT LAW Effect of Transactions on the Financial Statements for Year 1 Balance Sheet Income Statement Liabilities + Stockholders' Equity Revenue - Expense - Net Income - Accounts Unearned Retained Payable Revenue Earnings + 17,600+ = ET + 1 Statement of Cash Flows Supplies 1. 2 Cash + 17,600 + + 17.600 OA 3. 4 + 5. + III 1 TTT 6 7. 8. Totals LIITTO = 0 0 17,600+ 0 17,600 0 = 0