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Transaction Analysis and Financial Statements

Expert Consulting Services Inc. was organized on March 1 by two former college roommates. The corporation provides computer consulting services to small businesses. The following transactions occurred during the first month of operations:

March 2:	Received contributions of $20,000 from each of the two principal owners of the new business in exchange for shares of stock.
March 7:	Signed a two-year promissory note at the bank and received cash of $15,000. Interest, along with the $15,000, will be repaid at the end of the two years.
March 12:	Purchased $700 in miscellaneous supplies on account. The company has 30 days to pay for the supplies.
March 19:	Billed a client $4,000 for services rendered by Expert in helping to install a new computer system. The client is to pay 25% of the bill upon its receipt and the remaining balance within 30 days.
March 20:	Paid $1,300 bill from the local newspaper for advertising for the month of March.
March 22:	Received 25% of the amount billed to the client on March 19.
March 26:	Received cash of $2,800 for services provided in assisting a client in selecting software for its computer.
March 29:	Purchased a computer system for $8,000 in cash.
March 30:	Paid $3,300 of salaries and wages for March.
March 31:	Received and paid $1,400 in gas, electric, and water bills.

Required:

1. Complete the table below to summarize the preceding transactions as they affect the accounting equation. If an account is unaffected by a transaction, enter "0". Use the minus sign to indicate decreases.

Use the format in Exhibit 3-1

Expert Consulting Services Inc. Transactions for the Month of March
Assets					=	Liabilities		+	Stockholders' Equity
Date	Cash	Accounts Receivable	Computer	Supplies		Accounts Payable	Notes Payable		Capital Stock	Retained Earnings
March 2	$fill in the blank b2c5c2020038f8a_1	$fill in the blank b2c5c2020038f8a_2	$fill in the blank b2c5c2020038f8a_3	$fill in the blank b2c5c2020038f8a_4		$fill in the blank b2c5c2020038f8a_5	$fill in the blank b2c5c2020038f8a_6		$fill in the blank b2c5c2020038f8a_7	$fill in the blank b2c5c2020038f8a_8
March 7	fill in the blank b2c5c2020038f8a_9	fill in the blank b2c5c2020038f8a_10	fill in the blank b2c5c2020038f8a_11	fill in the blank b2c5c2020038f8a_12		fill in the blank b2c5c2020038f8a_13	fill in the blank b2c5c2020038f8a_14		fill in the blank b2c5c2020038f8a_15	fill in the blank b2c5c2020038f8a_16
Balance	$fill in the blank b2c5c2020038f8a_17	$fill in the blank b2c5c2020038f8a_18	$fill in the blank b2c5c2020038f8a_19	$fill in the blank b2c5c2020038f8a_20		$fill in the blank b2c5c2020038f8a_21	$fill in the blank b2c5c2020038f8a_22		$fill in the blank b2c5c2020038f8a_23	$fill in the blank b2c5c2020038f8a_24
March 12	fill in the blank b2c5c2020038f8a_25	fill in the blank b2c5c2020038f8a_26	fill in the blank b2c5c2020038f8a_27	fill in the blank b2c5c2020038f8a_28		fill in the blank b2c5c2020038f8a_29	fill in the blank b2c5c2020038f8a_30		fill in the blank b2c5c2020038f8a_31	fill in the blank b2c5c2020038f8a_32
Balance	$fill in the blank b2c5c2020038f8a_33	$fill in the blank b2c5c2020038f8a_34	$fill in the blank b2c5c2020038f8a_35	$fill in the blank b2c5c2020038f8a_36		$fill in the blank b2c5c2020038f8a_37	$fill in the blank b2c5c2020038f8a_38		$fill in the blank b2c5c2020038f8a_39	$fill in the blank b2c5c2020038f8a_40
March 19	fill in the blank b2c5c2020038f8a_41	fill in the blank b2c5c2020038f8a_42	fill in the blank b2c5c2020038f8a_43	fill in the blank b2c5c2020038f8a_44		fill in the blank b2c5c2020038f8a_45	fill in the blank b2c5c2020038f8a_46		fill in the blank b2c5c2020038f8a_47	fill in the blank b2c5c2020038f8a_48
Balance	$fill in the blank b2c5c2020038f8a_49	$fill in the blank b2c5c2020038f8a_50	$fill in the blank b2c5c2020038f8a_51	$fill in the blank b2c5c2020038f8a_52		$fill in the blank b2c5c2020038f8a_53	$fill in the blank b2c5c2020038f8a_54		$fill in the blank b2c5c2020038f8a_55	$fill in the blank b2c5c2020038f8a_56
March 20	fill in the blank b2c5c2020038f8a_57	fill in the blank b2c5c2020038f8a_58	fill in the blank b2c5c2020038f8a_59	fill in the blank b2c5c2020038f8a_60		fill in the blank b2c5c2020038f8a_61	fill in the blank b2c5c2020038f8a_62		fill in the blank b2c5c2020038f8a_63	fill in the blank b2c5c2020038f8a_64
Balance	$fill in the blank b2c5c2020038f8a_65	$fill in the blank b2c5c2020038f8a_66	$fill in the blank b2c5c2020038f8a_67	$fill in the blank b2c5c2020038f8a_68		$fill in the blank b2c5c2020038f8a_69	$fill in the blank b2c5c2020038f8a_70		$fill in the blank b2c5c2020038f8a_71	$fill in the blank b2c5c2020038f8a_72
March 22	fill in the blank b2c5c2020038f8a_73	fill in the blank b2c5c2020038f8a_74	fill in the blank b2c5c2020038f8a_75	fill in the blank b2c5c2020038f8a_76		fill in the blank b2c5c2020038f8a_77	fill in the blank b2c5c2020038f8a_78		fill in the blank b2c5c2020038f8a_79	fill in the blank b2c5c2020038f8a_80
Balance	$fill in the blank b2c5c2020038f8a_81	$fill in the blank b2c5c2020038f8a_82	$fill in the blank b2c5c2020038f8a_83	$fill in the blank b2c5c2020038f8a_84		$fill in the blank b2c5c2020038f8a_85	$fill in the blank b2c5c2020038f8a_86		$fill in the blank b2c5c2020038f8a_87	$fill in the blank b2c5c2020038f8a_88
March 26	fill in the blank b2c5c2020038f8a_89	fill in the blank b2c5c2020038f8a_90	fill in the blank b2c5c2020038f8a_91	fill in the blank b2c5c2020038f8a_92		fill in the blank b2c5c2020038f8a_93	fill in the blank b2c5c2020038f8a_94		fill in the blank b2c5c2020038f8a_95	fill in the blank b2c5c2020038f8a_96
Balance	$fill in the blank b2c5c2020038f8a_97	$fill in the blank b2c5c2020038f8a_98	$fill in the blank b2c5c2020038f8a_99	$fill in the blank b2c5c2020038f8a_100		$fill in the blank b2c5c2020038f8a_101	$fill in the blank b2c5c2020038f8a_102		$fill in the blank b2c5c2020038f8a_103	$fill in the blank b2c5c2020038f8a_104
March 29	fill in the blank b2c5c2020038f8a_105	fill in the blank b2c5c2020038f8a_106	fill in the blank b2c5c2020038f8a_107	fill in the blank b2c5c2020038f8a_108		fill in the blank b2c5c2020038f8a_109	fill in the blank b2c5c2020038f8a_110		fill in the blank b2c5c2020038f8a_111	fill in the blank b2c5c2020038f8a_112
Balance	$fill in the blank b2c5c2020038f8a_113	$fill in the blank b2c5c2020038f8a_114	$fill in the blank b2c5c2020038f8a_115	$fill in the blank b2c5c2020038f8a_116		$fill in the blank b2c5c2020038f8a_117	$fill in the blank b2c5c2020038f8a_118		$fill in the blank b2c5c2020038f8a_119	$fill in the blank b2c5c2020038f8a_120
March 30	fill in the blank b2c5c2020038f8a_121	fill in the blank b2c5c2020038f8a_122	fill in the blank b2c5c2020038f8a_123	fill in the blank b2c5c2020038f8a_124		fill in the blank b2c5c2020038f8a_125	fill in the blank b2c5c2020038f8a_126		fill in the blank b2c5c2020038f8a_127	fill in the blank b2c5c2020038f8a_128
Balance	$fill in the blank b2c5c2020038f8a_129	$fill in the blank b2c5c2020038f8a_130	$fill in the blank b2c5c2020038f8a_131	$fill in the blank b2c5c2020038f8a_132		$fill in the blank b2c5c2020038f8a_133	$fill in the blank b2c5c2020038f8a_134		$fill in the blank b2c5c2020038f8a_135	$fill in the blank b2c5c2020038f8a_136
March 31	fill in the blank b2c5c2020038f8a_137	fill in the blank b2c5c2020038f8a_138	fill in the blank b2c5c2020038f8a_139	fill in the blank b2c5c2020038f8a_140		fill in the blank b2c5c2020038f8a_141	fill in the blank b2c5c2020038f8a_142		fill in the blank b2c5c2020038f8a_143	fill in the blank b2c5c2020038f8a_144
Balance	$fill in the blank b2c5c2020038f8a_145	$fill in the blank b2c5c2020038f8a_146	$fill in the blank b2c5c2020038f8a_147	$fill in the blank b2c5c2020038f8a_148		$fill in the blank b2c5c2020038f8a_149	$fill in the blank b2c5c2020038f8a_150		$fill in the blank b2c5c2020038f8a_151	$fill in the blank b2c5c2020038f8a_152
Total Assets:	$fill in the blank b2c5c2020038f8a_153		Total Liabilities and Stockholders' Equity:			$fill in the blank b2c5c2020038f8a_154

2. Prepare an income statement for the month of March.

Expert Consulting Services Inc.
Income Statement
For the Month of March
Revenues:
	$fill in the blank 80a3ea035fdf040_2
	fill in the blank 80a3ea035fdf040_4	$fill in the blank 80a3ea035fdf040_5
Expenses:
	$fill in the blank 80a3ea035fdf040_7
	fill in the blank 80a3ea035fdf040_9
	fill in the blank 80a3ea035fdf040_11
Total Expenses		fill in the blank 80a3ea035fdf040_12
		$fill in the blank 80a3ea035fdf040_14

3. Prepare a classified balance sheet at March 31.

Expert Consulting Services Inc.
Balance Sheet
March 31
Assets
Current assets:
	$fill in the blank ff337d02f056fae_2
	fill in the blank ff337d02f056fae_4
	fill in the blank ff337d02f056fae_6
Total current assets		$fill in the blank ff337d02f056fae_7
Property, plant, and equipment:
		fill in the blank ff337d02f056fae_9
Total assets		$fill in the blank ff337d02f056fae_10
Liabilities and Stockholders' Equity
Current liabilities:
		$fill in the blank ff337d02f056fae_12
Long-term debt:
		fill in the blank ff337d02f056fae_14
Total liabilities		$fill in the blank ff337d02f056fae_15
	$fill in the blank ff337d02f056fae_17
	fill in the blank ff337d02f056fae_19
Total stockholders' equity		fill in the blank ff337d02f056fae_20
Total liabilities and stockholders' equity		$fill in the blank ff337d02f056fae_21

4. From reading the balance sheet you prepared in part (3), what events would you expect to take place in April?