signmentSessionLocator &inpr... * Transactions and Financial Statements Roger Smith established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Opened a business bank account in the name of Smith Insurance Inc., with a deposit of $49,000 in exchange for common stock. b. Borrowed $26,000 by issuing a note payable. c. Received cash from fees earned, $28,000. d. Paid rent on office and equipment for the month, $3,400. e. Paid automobile expense for the month, $1,900, and miscellaneous expense, $800. f. Paid office salaries, $4,400. g. Paid interest on the note payable, $110. h. Purchased land as a future building site, paying cash of $60,000. i. Paid dividends, $3,900. Instructions: 1. Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. After all transactions are recorded, enter Net income under the Income Statement column. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash outflows as negative amounts using the minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Transaction a. Check My Work 10 more Check My Work uses remaining Previous Next Save arst Exx Submit Assigment for Grading a 157M 1/1100 1. Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. After all transactions are recorded, enter Net income under the Income Statement column. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash outflows as negative amounts using the minus sign. a. b. C. d. Transaction Balances Balances Balances Balances Check My Work 10 more Check My Work uses remaining. NO Assets a Balance Sheet Liabilities Stockholders' Equity Previous Next Save and Exit Submit Assignment for Grading d 1:30 PM 1/11/2021 Jent enow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker &takeAssignmentSessionLocator=&inpr. f. Balances Balances 9. h. Balances Balances a. b. Balances, July 311 Statement of Cash Flows d. Check My Work 10 more Check My Work uses remaining NO a # d. f. 9. Income Statement Previous Next Save and Exe Submit Assignment for Grading 1:20 PM 1/11/201 now.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inpr. 2. Which of the following shows the correct effect on the accounting equation for a utility expense that is paid when billed? 3. Prepare an income statement for July. Smith Insurance Inc. Income Statement For the Month Ending July 31, 20YS Revenues: Expenses: Total expenses Net income Check My Work 10 more Check My Work uses remaining. a Save and Exor Previous Next Submit Assignment for Grading 1:21 PM X/TAXI Total expenses Net income Prepare a statement of stockholders' equity for July. If your answer is zero enter "0". Smith Insurance Inc. Statement of Stockholders' Equity For the Month Ending July 31, 20Y5 Common Stock Balances, July 1, 2015 Balances, July 31, 20YS 4. Prepare a balance sheet as of July 31, 20YS. Smith Insurance Inc. Balance Sheet Check My Work 10 more Check My Work uses remaining Retained Earnings Total F Previous Next Save and Ext Submit Assignment for Gra 4 4 gnmentMain.do?invoker-&takeAssignment SessionLocator-&inpr... Prepare a balance sheet as of July 31, 20Y5. Smith Insurance Inc. Balance Sheet July 31, 2015 Assets Total assets Liabilities Stockholders Equity DT 0.000 Previous Total stockholders' equity Total liabilities and stockholders' equity 5. Prepare a statement of cash flows for July. Use the minus sign to indicate cash outflows, decreases in cash, or cash payments. answer is zero enter "0". Check My Work 10 more Check My Work uses remaining. Save tril Ext Submit Avign 5. Prepare a statement of cash flows for July. Use the minus sign to indicate cash outflows, decreases in cash, or cash payments. if your answer is zero enter "0". Smith Insurance Inc. Statement of Cash Flows For the Month Ending July 31, 20Y5 Cash flows from (used for) operating activities: Cash flows from (used for) investing activities: Cash flows from (used for) financing activities: Check My Work 10 more Check My Work uses remaining 77 O a # Previous Next Seve and Fox Subent Ausgnment for Gadg 1:21 PMR VIUM