Transactions and Financlal 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 Inc., with a deposit of \\( \\$ 48,000 \\) in exchange for common stock. b. Borrowed \\( \\$ 23,500 \\) by Issuing a note payable. c. Recelved cash from fees earned, \\( \\$ 28,500 \\). d. Pald rent on offlce and equipment for the month, \\( \\$ 3,400 \\). e. Paid automoblle expense for the month, \\( \\$ 1,700 \\), and miscellaneous expense, \\( \\$ 600 \\). f. Paid offlce salarles, \\( \\$ 3,900 \\). g. Pald interest on the note payable, \\( \\$ 100 \\). h. Purchased land as a future bullding site, paying cash of \\( \\$ 53,500 \\). I. Paid dlvidends, \\( \\$ 4,000 \\). Instructions: 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. Prepare a statement of stockholders' equity for July. If your answer is zero enter \" 0 \". 4. Prepare a balance sheet as of July \\( 31,20 Y 5 \\)