Help Save & Exit Submit Check my work Exercise 3-9A (Algo) Supplies, unearned revenue, and the financial statements model LO 3-1, 3-3 Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: 1. Accepted $16,400 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 $65,500. 3. Purchased $1,450 of office supplies on account. 4. Paid $1,305 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 $20,100 7. Determined that at the end of the accounting period $130 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 Required: Show the effects of the events on the financial statements using a horizontal statements model. The first event has been recorded as an example. Note: 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. Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input. HADY ATMONEY ATI MA Prav 3 of 9 Next > oter 3 Homework Assignment Book Saved HART, ATTORNEY AT LAW Effect of Transactions on the Financial Statements for Year 1 Balance Sheet Assets Liabilities Accounts Cash Supplies Unearned Payable Revenue 16,400+ + Stockholders' Equity Retained Earnings Revenue 16,400+ 4 Income Statement Help Save & Exit Submit Check my work Statement of Cash Expense = Net Income Flows 16,400 DA