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Analyzing and Reporting Financial Statement Effects of Transactions M.E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare financial statements at each month-end. In March (its first month), Carter executed the following transactions. Enter the transactions, a through g, into the financial statement effects template below. a. Carter (owner) invested in the company $100,000 cash and $20,000 in property and equipment. The company issued common stock to Carter. b. The company paid $3,200 cash for rent of office furnishings and facilities for March. C. The company performed services for clients and immediately received $4,000 cash earned. d. The company performed services for clients and sent a bill for $24,000 with payment due within 60 days. e. The company compensated an office employee with $4,800 cash as salary for March. f. The company recieved $10,000 cash as partial payment on the amount owed from clients in transaction d. g. The company paid $935 cash in dividends to Carter (owner). Use negative signs with answers, if appropriate. Balance Sheet Income Satement Noncash Assets 20000 = Liabilities + Contrib. Capital 120000 + Revenues- Expenses = Net income Cash Asset + 100000 -3200 4000 Earned Capial 0 -3200 4000 24000 -3200 0 Transaction a. Issued stock for cash and PPE. b. Paid rent. c. Performed services for cash. d. Performed services on account. e. Paid wages. f. Received payments on accounts receivable. g. Paid dividends -3200 4000 24000 -4800 24000 ooooooo O -4800 -4800 10000 -935 O -10000 34000 O