The following cash transactions took place during July 2010, the first month of business for Stay Bright Cleaning Supplies, Inc (Click here to view transactions.) Requirements 1. Show how each transaction affects the accounting equation 2. Prepare the income statement, statement of changes in shareholders' equity, and statement of cash flows for the month of July and the balance sheet at July 31, 2010. Requirement 1. Enter the transactions into the accounting equation, Begin by entering transaction a. Then, enter each transaction in the order they occurred. (Use parentheses or a minus sign when entering account decreases. Use only the necessary input lines.) Shareholders Equity Transactions Assets Liabilities Contributed Capital+ Retained Earnings Account Account Account Account a. a. Bill Lunden started a business, Stay Bright Cleaning Supplies, Inc., by contributing $7,500 cash. He received common stock in exchange b. The company eamed and collected cash revenue of S2,500 C. The company paid expenses of $1,250 in cash. d. The company declared and paid dividends of $500 e. On July 31, the company borrowed S4,375 from the local bank by signing a three-year note. Print Done