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MA3-64. Preparing Accounting Adjustments and Financial Statements Stocken Surf Shop began operations on July 1 with an initial investment of $50,000. During the first three months of operations, the following cash transactions were recorded in the firm's checking account. Deposits Checks Drawn 24,000 25,000 Borrowings from bank....10,000 $141,000 Salaries. 8,000 Other expenses. 13,000 $132,000 Additional information: 1. Most sales were for cash; however, the store accepted a limited amount of credit sales; at Septem- ber 30, customers owed the store $9,000. 2. Rent was paid on July 1 for six months 3. Salaries of $4,000 per month were paid on the first of each month for salaries earned in the month prior. 4. Inventories were purchased for cash; at September 30, inventory of $28,000 was still available. 5. Fixtures and equipment were expected to last five years (or 60 months), with zero salvage value. 6. The bank charges 12% annual interest (1 % per month) on the $ 10,000 bank loan. Stocken took out the loan on July 1. Required a. Record all of Stocken's cash transactions, and prepare any necessary adjusting entries at b. Prepare the income statement for the three months ended September 30 and the balance sheet at c. Analyze the statements from part b, and assess the company's performance over its initial three September 30. You may either use the financial statement effects template or journal entries combined with T-accounts September 30