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2 Marted out of 1.00 Analyzing Transactions Using the Financial Statement Effects Template and preparing Financial Statements Schwand Aerobics, Inc.ronts studio space including a sound system and specializes in offering aerobics dasses. On January 1, 2015. s beginning accountances areas wscash.171,350 Accounts Receivable, 511,700. Equipment. 5o; Notes Payable, 55.625Accounts Payable 12.250, Common Stock 512.375 Retained ning, 52,700, Services de 10 Renten, Advertising Expense, 50: Wages Expense, 10 Uttes Experte. Interest Expense, 50, The following transactions occurred during lanuary 1,350 cash toward accounts payable Paid 58.100 cash for January rent o died clients $25.175 for January 14) Recene 31,125 invoice from supplier for Tshirts given to January class members as an advertising promotion 15 Collected $22.500 cash from clients previously billed for services rendered (0) Paid 55 400 cash for employee wages (7) Received 51.530 invoice for January utilities expense () Pad 545 cash to bankas January interest on notes payable 19 Declared and paid $2,025 cash dividend to stockholders (10Paid 59.000 cash on January 31 to purchase sound equipment to replace the rental system Required ( 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 th) Report the effects for each of the separate transactions through 10 in the financial statement effects temple set up in part (a). Total al columns and prove that (t) assets equallabies plus equity at January 31, and (2) revenues less expenses equal net income for January Note: Use negative signs with your answers, when appropriate Balance sheet Financial statement effects template Statement of stockholders equity income statement equity at January 31, and (2) revenues less expenses equal net income for January, Note: Use negative signs with your answers, when appropriate Financial statement effects template Income statement Statement of stockholders' equity Balance sheet Note: Use negative signs with your answers, when appropriate Balance Sheet income statement Noncash Contributed Earned Transaction Cash Asset Assets Liabilities Capital Capital Revenge Expenses - Net Income De Balance D=1 7.875 123758 2,7001 0 Paid $1350 cash toward accounts payable (1.3500 - 0+ 0 Paid rent in cash 5.100 a 0 O. I 100 100 18.100 D Bied clients 125.875 0- 0. 0. 25,825 25275 0 31,125 ve received for advertising 0- 0- 1125 (1.125) O 1.125 0 0 Cash collected on account: 522.500 0 + 0 0 O Pald Wales expense in cash $5.400 Q D+ 0 5.4001 0 5,400 (5.4001 m + 0- 1530 0 Invoiced for utility expense1530 (1.5301 0 1.530 11.530) Paid 145 cash for interest on note 0 0- O- (45) 0 45 1459 D 0,025) O 0 Paid 52.025 cash dividend D 6 9.000 (101 Paid 59.000 cash for sound equipment 0 O 19.000) O 11.205 180+ 9.000 10.350 12.375 25.875 TOTALS 16.200 - 93675 + Tegasasele 0 Check

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