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 Incy with a deposit of $50,500 in exchange for common stock. b. Borrowed $25,000 by issuing a note payable. c. Received cash from fees earned, $28,000. d. Paid rent on office and equipment for the month, $3,000. e. Paid automobile expense for the month, $2,000, and miscellaneous expense, $1,000. f. Paid office salaries, $4,300. 9. Paid interest on the note payable, $110. h. Purchased land as a future building site, paying cash of $57,000. 1. Paid dividends, $3,800. 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. 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 antru. Leave it hlank. Fnter arrnutit derraseae and not rach nutfinwe ae 2. Which of the following shows the correct effect on the accounting equation for a utility expense that is paid when billed? 2. Which of the following shows the correct effect on the accounting equation for a utility expense that is paid when billed? 7. Dranara an inrume etatament for July, Prepare a statement of stockhoiders' equity for July. If your answer is zero enter =0is 4. Prepare a balance sheet as of July 31 , 20 Y5. 5. Prepare a statement of cash flows for July Use the minus sign to indicate cash Prepare a statement of stockholders' equity for July. If your answer is zero enter "0". 4. Prepare a balance sheet as of July 31,20Y5. 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". This is all part of 1 question. Just broken down into pieces