Inferring Investing and Financing Transactions and Preparing a Balance Sheet During its first week of operations ending January 7, Fast Track Sports Inc. completed six transactions with the dollar effects indicated in the following schedule: DOLLAR EFFECT OF EACH OF THE SIX TRANSACTIONS Accounts Cash 1 2 3 4 5 6 Ending Balance $15,000 $75,000 $ (5,000) $(1,000) $(9,500) $(4,000) Notes receivable (short-term) 1,000 9,500 Store fixtures Operating lease right-of-use assets Notes payable (due in three months) Long-term lease liabilities Common stock (15,000 shares) 1,500 Additional paid-in capital 13,500 Required: 135,000 75,000 130,000 (4,000) 1. Write a brief explanation of transactions (1) through (6). Explain any assumptions that you made. 2. Compute the ending balance in each account and prepare a classified balance sheet for Fast Track Sports Inc. on January 7.