Practice Objective 3-1 The following is a list of transactions for July, the first month of operations for M&N Industries Inc.: Assets = Liabilities Shareholders' Equity Retained Earnings Prepaid Bank Loan Common Dividends Cash + A/R +Supplies + Insurance+ Equipment + Land = A/P + Payable + Shares + Revenue-Expenses- Declared $10,000 1. $10,000 $500 500 3. $4,000 4 5. $2,000 6. $440 7.-$1,000 $4,000 $45,000 $45,000 $2,000 $440 $1,000 $500 -$500 $1,700 S500 $1,700 10 $500 $200 $6,760 -$200 $200 $700 $500 $440 $4,000 $45,000 $500 45,000 $10,000 $3,700 -$1,000 Select all of the following statements that are true