Exercise 2 Shelly Herzog opens a research service near a college campus. She names the corporation Herzog Researchers, Inc. During the first month of operations, July 20X3, the business engages in the following transactions 1. Herzog Researchers, Inc., issues its common stock to Shelly Herzog, who invests $27,000 to open the business. 2. The company purchases on account office supplies costing $550. 3. Herzog Researchers pays cash of $25,000 to acquire a lot next to the campus. The company intends to use the land as a building site for a business office. 4. Herzog Researchers performs research for clients and receives cash of $2,300. 5. Herzog Researchers pays $200 on the account payable it created in transaction b. 6. Herzog pays $3,000 of personal funds for a vacation. 7. Herzog Researchers pays cash expenses for office rent ($500) and utilities ($300). 8. The business sells a small parcel of the land for its cost of $7,000. 9.The business declares and pays a cash dividend of $2,100. Prepare: 1-Accounting aquation 2-T-account 3-Journal 4-Ledger 5-Triel balance 6-The income statment Statement of retained earnings, balance sheet