Reference no: EM133135652
Question - Analyzing Transactions Using the Financial Statement Effects Template - Hanlon Advertising Company began the current month with the following balance sheet.
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Cash
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$80,000
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Liabilities
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$70,000
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Noncash assets
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135,000
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Contributed capital
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110,000
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Earned capital
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35,000
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Total assets
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$215,000
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Total liabilities and equity
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$215,000
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Following are summary transactions that occurred during the current month.
1. The company purchased supplies for $5,000 cash; none were used this month.
2. Services of $2,500 were performed this month on credit.
3. Services were performed for $10,000 cash this month.
4. The company purchased advertising for $8,000 cash; the ads will run next month.
5. The company received $1,200 cash as partial payment on accounts receivable from transaction 2.
6. The company paid $3,400 cash toward the accounts payable balance reported at the beginning of the month.
7. Paid $3,500 cash toward this month's wages expenses.
8. The company declared and paid dividends of $500 cash.
Required -
(a) Record the effects of each transaction using the financial statement effects template.
(b) Prepare the income statement for this month and the balance sheet as of month-end.
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