Transaction Analysis and Financial Statements Expert Consulting Services Inc. was organized on March 1 by two former college roommates. The corporation provides computer consulting services to small businesses. The following transactions occurred during the first month of operations: March 2: Received contributions of $20,000 from each of the two principal owners of the new business in exchange for shares of stock. March 7: Signed a two-year promissory note at the bank and received cash of $15,000. Interest, along with the $15,000, will be repaid at the end of the two years. March 12: Purchased $700 in miscellaneous supplies on account. The company has 30 days to pay for the supplies. March 19: Billed a client $4,000 for services rendered by Expert in helping to install a new computer system. The client is to pay 25% of the bill upon its receipt and the remaining balance within 30 days. March 20: Paid $1,300 bill from the local newspaper for advertising for the month of March. March 22: Received 25% of the amount billed to the client on March 19. March 26: Received cash of $2,800 for services provided in assisting a client in selecting software for its computer. March 29: Purchased a computer system for $8,000 in cash. March 30: Paid $3,300 of salaries and wages for March. March 31: Received and paid $1,400 in gas, electric, and water bills. Transactions for the Month of March Assets Date Cash Accounts Receivable Computer Supplies Account: March 2 March 7 Balance $ $ $ March 12 Balance $ $ $ $ $ March 19 Balance $ $ $ $ March 20 Balance $ March 22 Balance $ $ March 26 Balance $ $ $ $ March 29 Balance March 30 Balance $ mi March 31 DO! Balance $ Total Assets: Total Liabilities and Stockholders' Equity: 2. Prepare an income statement for the month of March. Expert Consulting Services Inc. Income Statement For the Month of March Revenues: Expenses: Total Expenses 3. Prepare a classified balance sheet at March 31. Expert Consulting Services Inc. Balance Sheet March 31 Assets Current assets: Total current assets Property, plant, and equipment: Total assets Liabilities and Stockholders' Equity Current liabilities: Long-term debt: Total liabilities Total stockholders' equity