4. What item appears on both the retained earnings statement and the balance sheet ne: 00 PR 1-3A Financial statements Seth Feye established Reliance Financial Services on July 1, 2018. Reliance Financials offers financial planning advice to its clients. The effect of each transaction and the b after each transaction for July follow: 0,5 wancial Services od the balances 43 Chapter 1 Introduction to Accounting and Business Assets Accounts + Receivable Supplies - Cash +50,000 A +7,000 7,000 7,000 7.000 Bal 50,000 C -3,600 Bal. 46,400 D. + 110,000 Bal. 156.400 E -33.000 Bal. 123,400 F. -20,800 Bal. 102,600 G -55,000 Bal. 47,600 7,000 Stockholders' Equity Liabilities + Fees Rent Salaries Auto Supplies Misc Accounts Common Payable + Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense +50,000 +7,000 7,000 50,000 ---3,600 3.400 50,000 +110,000 3,400 50,000 110,000 -33,000 3,400 50,000 110,000 -33,000 -16,000 -4,800 3,400 50,000 110,000 -33,000 -16,000 4,800 -55,000 3,400 50,000 110,000 --55,000 -33,000 -16,000 -4,800 4,500 3,400 50,000 110,000 -55,000 -33,000 -16,000 -4,500 -4,800 + 34,500 3,400 50,000 144,500 -55,000 -33,000 -16,000 -4,500 -4,800 -15,000 3,400 50,000 -15,000 144,500 -55,000 -33,000 - 16,000 -4,500 -4,800 7,000 7,000 4,500 2,500 Bal 47,600 +34,500 34,500 2,500 Bal J. Bal 47,600 -15,000 32,600 34,500 2,500 Instructions 1. Prepare an income statement for the month ended July 31, 2018. 2. Prepare a retained earnings statement for the month ended July 31, 2018. 3. Prepare a balance sheet as of July 31, 2018. 4. Optional) Prepare a statement of cash flows for the month ending July 31, 2018