transactions and ancial Statements Roger Smith established an insurance agency on July 1, 2015, and completed the following transactions during July Opened a business bank account in the name of Smith Insurance Ine, with a deposit of 549,000 in exchange for common stock Received cash from os card, 066 Pod rent once and it for the month, 83,000 automobile expense for the month, 1,000, and macellaneous expense 11,000 9. Pinterest in the note payable, $110 ocesales 4300 Purchased and sturbing site, paying cash of $53,500 Paldiends, 54,200, Instructions: 1. Indicate the effect of each transaction and the balances aher each transaction using the integrated Financial statement framework her transactions are recorded internet income under the income statement com. an amount box does not require an entry, leave it blank Enter account decreases and net casheviflows as negative amounts using the minus sign Balance Sheet Assets Liabilities - Stockholders' Equity Transaction Balances Balances Balances Balances Balances Balances Balances Balances 9. Balances h. Balances Balances, July 31 Statement of Cash Flows Income Statement a. b d. c d . h 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 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, 2015 Revenues: Expenses: Total expenses Net Income Prepare a statement of stockholders' equity for July. If your answer is zero enter "O". Smith Insurance Inc. Statement of Stockholders' Equity For the Month Ending July 31, 2015 Common Stock Retained Earnings Total Balances, July 1, 2045 Balances, July 31, 2015 4. Prepare a balance sheet as of July 31, 2015 Smith Insurance Inc. 4. Prepare a balance sheet as of July 31, 20YS. Smith Insurance Inc. Balance Sheet July 31, 2015 Assets Total assets Labilities Stockholders' Equity 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. If your answer is rare enter o" Smith Insurance Inc. Statement of Cash Flows For the Month Ending July 31, 2015 Cash flows from (used for operating activities: Cash flows from (used for) investing activities Cash flows from (used for) financing activities: Transactions and Financial Statements Roger Smith established an insurance agency on July 1, 2045, 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 $25,000 by issuing a note payable. c. Received cash from fees eamed, $27,000. d. Pald rent on office and equipment for the month, $3,000 e. Paid automobile expense for the month, $1,800, and miscellaneous expense, $1,000. 1 Paid office salaries, $4,300. 9. Paid interest on the note payable, $110. h. Purchased land as a future building site, paying cash of $53,500. 1. Paid dividends, $4,200. 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 unde 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 Balance Sheet Assets Liabilities Stockholders' Equity Transaction a b Balances Balances d. Balances Balances . Balances 9. Balances h. Balances transactions and ancial Statements Roger Smith established an insurance agency on July 1, 2015, and completed the following transactions during July Opened a business bank account in the name of Smith Insurance Ine, with a deposit of 549,000 in exchange for common stock Received cash from os card, 066 Pod rent once and it for the month, 83,000 automobile expense for the month, 1,000, and macellaneous expense 11,000 9. Pinterest in the note payable, $110 ocesales 4300 Purchased and sturbing site, paying cash of $53,500 Paldiends, 54,200, Instructions: 1. Indicate the effect of each transaction and the balances aher each transaction using the integrated Financial statement framework her transactions are recorded internet income under the income statement com. an amount box does not require an entry, leave it blank Enter account decreases and net casheviflows as negative amounts using the minus sign Balance Sheet Assets Liabilities - Stockholders' Equity Transaction Balances Balances Balances Balances Balances Balances Balances Balances 9. Balances h. Balances Balances, July 31 Statement of Cash Flows Income Statement a. b d. c d . h 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 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, 2015 Revenues: Expenses: Total expenses Net Income Prepare a statement of stockholders' equity for July. If your answer is zero enter "O". Smith Insurance Inc. Statement of Stockholders' Equity For the Month Ending July 31, 2015 Common Stock Retained Earnings Total Balances, July 1, 2045 Balances, July 31, 2015 4. Prepare a balance sheet as of July 31, 2015 Smith Insurance Inc. 4. Prepare a balance sheet as of July 31, 20YS. Smith Insurance Inc. Balance Sheet July 31, 2015 Assets Total assets Labilities Stockholders' Equity 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. If your answer is rare enter o" Smith Insurance Inc. Statement of Cash Flows For the Month Ending July 31, 2015 Cash flows from (used for operating activities: Cash flows from (used for) investing activities Cash flows from (used for) financing activities: Transactions and Financial Statements Roger Smith established an insurance agency on July 1, 2045, 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 $25,000 by issuing a note payable. c. Received cash from fees eamed, $27,000. d. Pald rent on office and equipment for the month, $3,000 e. Paid automobile expense for the month, $1,800, and miscellaneous expense, $1,000. 1 Paid office salaries, $4,300. 9. Paid interest on the note payable, $110. h. Purchased land as a future building site, paying cash of $53,500. 1. Paid dividends, $4,200. 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 unde 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 Balance Sheet Assets Liabilities Stockholders' Equity Transaction a b Balances Balances d. Balances Balances . Balances 9. Balances h. Balances