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Analyzing Transactions Using the Financial Statement Effects Template Hanlon Advertising Company began the current month...

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Accounting

image Analyzing Transactions Using the Financial Statement Effects Template Hanlon Advertising Company began the current month with the following balance sheet. Following are summary transactions that occurred during the current month. 1. The company purchased supplies for $10,000 cash; none were used this month. 2. Services of $5,000 were performed this month on credit. 3. Services were performed for $20,000 cash this month. 4. The company purchased advertising for $16,000 cash; the ads will run next month. 5. The company received $2,400 cash as partial payment on accounts receivable from transaction 2 . 6 . The company paid $6,800 cash toward the accounts payable from the prior month. 7. Paid $6,200 cash toward this month's wages expenses. 8. The company declared and paid dividends of $1,000 cash. (a) Record the effects of each transaction using the financial statement effects template. Use negative signs with your answers, when appropriate. (b) Prepare the income statement for this month and the balance sheet as of month-end. Do not use negative signs with any of your answers below. Do not use negative signs with any of your answers below

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