Transactions and Financial Statements Les Stanley 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 Stanley Insurance Inc., with a deposit of $48,000 in exchange for common stock. b. Borrowed $26,000 by issuing a note payable. c. Received cash from fees earned, $28,500. d. Paid rent on office and equipment for the month, $2,700. e. Paid automobile expense for the month, $2,000, and miscellaneous expense, $600. f. Paid office salaries, $4,000. 9. Paid interest on the note payable, $100. h. Purchased land as a future building site, $54,000. Land Wores Payable + Commons 3. Issued common stock 45,000 48,000 b. Issued note payable Balances c. Fees earned 28,500 Balances d. Rent expense Balances e. Paid expenses Balances 1. Pald salary expense Balances Paid interest expense Balances h. Purchased land Balances I Paid dividends Balans tulv 31 Ch. 2 HW book Show Me How Video Calculator Transactions and Financial Statements Les Stanley 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 Stanley Insurance Inc, with a deposit of $48,000 in exchange for common stock. b. Borrowed $26,000 by issuing a note payable c. Received cash from fees earned, $28,500. d. Paid rent on otce and equipment for the month, 52.700. e. Pald automobile expense for the month $2,000, and miscellaneous expense, 5600 1. Paid office salaries, $4,000. 9. Paid Interest on the note payable, $100 n. Purchased and as a future building site, $54,000 1. Paid dividends. $3,600 Instructions: Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash outflows as negative amounts. Balance Sheet Statement of Cash Flows Assets Lates + Stockholdersity Cash + Land Notes Payable + Commons Stock a. Issued common stock 48,000 48.000 b. Issued note payable 26,000 26,000 Balances c. Fees earned 28,500 Balances 26,000 Check My Work Sument for Assignment Score: 51.24