Reporting Using the FSET and Preparing Journal Entries and the General Ledger

Assume that the following accounts appear in the ledger of M$.$E$.$ Carter, a financial consultant to companies in the retail sector. Cash; Accounts Receivable; Office Equipment; Prepaid Subscriptions; Accou

Payable; Note Payable; Common Stock; Retained Earnings; Fees Earned; Salaries Expense; Rent Expense; Interest Expense; and Utilities Expense. M$.$E$.$ Carter had the following $11$ transactions:

$(1)$ M$.$E$.$ Carter started the firm by contributing $$31,000$ cash to the business in exchange for common stock.

$(2)$ The firm purchased $$20,800$ in office equipment, issuing a long$-$term note payable for $$8,800$ with the remainder on account.

$(3)$ Paid $$1,400$ cash for this period's office rent $($on a short$-$term lease$).$

$(4)$ Paid $$19,200$ cash for subscriptions to online financial databases covering the next three periods.

$(5)$ Billed clients $$22,600$ for services rendered.

$(6)$ Made $$2,000$ cash payment on account for the equipment purchased in transactipn $2.$

$(7)$ Paid $$5,600$ cash for assistant's salary for this period.

$(8)$ Collected $$18,800$ cash from clients previously billed in transaction $5.$

$(9)$ Received $$360$ invoice for this period's utilities; it is paid early in the next period.

$(10)$ Paid $$3,000$ cash for dividends to shareholders.

$(11)$ Paid $$450$ cash for interest on the note payable for the period.

Analyze and enter each into the financial statement effects template.

Note: For each account category, indicate the appropriate account name. Enter $"$N$/$A$"$ for any account category that is not used for a given transaction.

Note: Indicate a decrease in an account category by including a negative sign with the amount.