Transactions During June 2020, the business completed these transactions: a. Received cash of $9,100 and issued common shares. b. Performed services for a client and received cash of $6,700. C. Paid $4,400 on accounts payable. d. Purchased supplies on account, $1,200. e. Collected cash from a customer on account, $300. f. Consulted on the design of a business report, and billed the client for services rendered, $2,100. g. Recorded the following business expenses for the month: paid office rent, $700; paid advertising, $100. h. Declared and paid a cash dividend of $1,800. . Financial Position Assets = Liabilities + Shareholders' Equity Accounts Accounts Common Retained Cash + Receivable + Supplies + Land Payable + Shares + Earnings Bal. 1,300 1,350 11,700 8,400 3,900 2,050 Requirement 1. Prepare the income statement of Smith Consulting, Inc. for the month ended June 30, 2020. List expenses in decreasing order by amount. Begin by selecting the labels for the income statement heading. Then complete the income statement by selecting the appropriate accounts and entering the amounts into the statement. Remember to list expenses in decreasing order by amount. (Use a minus sign or parentheses for a net loss. Revenues: Expenses: Total expenses Net income (loss) Requirement 2. Prepare the entity's statement of retained earnings for the month ended June 30, 2020. Begin by selecting the correct heading, and then complete the statement by selecting the appropriate labels and entering the correct amounts. (Use a minus sign or parentheses for a net loss.) Add: Less: Requirement 3. Prepare the balance sheet of Smith Consulting, Inc. at June 30, 2020. Begin by selecting the correct heading. Then complete the balance sheet by selecting the appropriate accounts and entering the balance for each account. Assets Liabilities Shareholders' Equity Total shareholders' equity Total assets Total liabilities and shareholders' equity