Problem 3 (17%) The following relate to Bob's Electronics for July 2020. Financial statements are prepared monthly. 1. Paid $3,000 to the landlord on July 12. This rental payment covers Bob's rental of the building for the two-month period from June 16 through August 15. 2. On July 1, Bob's received $450 from selling $450 its own gift cards. By the end of July, $250 of the gift cards had been redeemed. 3. Purchased $200 of supplies on account from Superior Co. July 8. By July 31, $110 of these supplies had been used up and $50 of the $200 owed for the supplies had been paid to Superior Co. 4. On July 1, paid $800 to the local newspaper for two identical ads, one to appear in the paper on July 25 and the other to appear on August 12. REQUIRED: For each item, indicate the financial statement(s) where the amounts or portions of amounts would be recorded. Be certain to indicate account title and amount. A correct response could involve entering something in all three columns below or in fewer columns, depending on the event. YOU NEED NOT USE THE CASH ACCOUNT IN YOUR ANSWERS ASSET AND LIABILITY Account Title & Amount IF ANY to go on July 1 Balance Sheet For Bob's Electronics REVENUE AND EXPENSE Account Title & Amount IF ANY to go on July Income Statement For Bob's Electronics ASSET AND LIABILITY Account Title & Amount IF ANY to go on July 31 Balance Sheet For Bob's Electronics 1. 2. 3. 4. 5