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Analyzing Transactions using the Financial Statement Effects Template and Preparing Financial Statements Schrand Aerobics, Inc., rents studio space (including a sound system) and specializes in offering aerobics classes. On January 1, 201 5, its beginning account balances are as follows: Cash, 52,500; Accounts Receivable, $2,600; Equipment, SO; Notes Payable, Sl ,250; Accounts Payable, $500; Common Stock, 52,750; Retained Earnings, 5600,' Services Revenue, SO; Rent Expense, SO; Advertising Expense, SO; Wages Expense, SO; Utilities Expense, SO; Interest Expense, SO. The following transactions occurred during January. (1) Paid 5300 cash toward accounts payable (2) Paid 51 ,800 cash for January rent (3) Billed clients 55,750 for January classes (4) Received $250 invoice from supplier for T-shirts given to January class members as an advertising promotion (5) Collected 55,000 cash from clients previously billed for services rendered (6) Paid 51 ,200 cash for employee wages (7) Received $340 invoice for January utilities expense (8) Paid 510 cash to bank as January interest on notes payable (g) Declared and paid $450 cash dividend to stockholders (10) Paid 52,000 cash on January 31 to purchase sound equipment to replace the rental system Required (a) Using the financial statements effects template, enter January 1 beginning amounts in the appropriate columns of the first row. (Hint: Beginning balances for columns can include amounts from more than one account.) (b) Report the effects for each of the separate transactions 1 through 10 in the financial statement effects template set up in part (a). Total all columns and prove that (1) assets equal liabilities plus equity at January 31, and (2) revenues less expenses equal net income for January. Financial statement effects template Income statement Note: Do not use negative signs with any of your answers. Schrand Aerobics, Inc. Income Statement For Month Ended January 31, 201S Expenses Advertising Expense Wages Expense Interest Expense Utilities Expense Total Expenses Net Income Statement of stockholders' equity Balance sheet