Analyzing Transactions Using the Financial Statement Effects Template a$.$ Record the effects of each transaction using the financial statement effects template. b$.$ Prepare the income statement and balance sheet at the end of October.

Note: Do not use a negative sign with your answers.

Please answer all parts of the question.

Sefcik Company began operations on the first of October. Following are the transactions for its first month of business.

$1.$ S$.$ Sefcik launched Sefcik Company and invested $$50,000$ into the business in exchange for common stock. The company also borrowed $$100,000$ from a local bank.

$2.$ Sefcik Company purchased equipment for $$95,000$ cash and inventory of $$40,000$ on credit $($the company still owes its suppliers for the inventory at month$$end$).$

$3.$ Sefcik Company sold inventory costing $$30,000$ for $$50,000$ cash.

$4.$ Sefcik Company paid $$12,000$ cash for wages owed employees for October work.

$5.$ Sefcik Company paid interest on the bank loan of $$1,000$ cash.

$6.$ Sefcik Company recorded $$500$ of depreciation expense related to its equipment.

$7.$ Sefcik Company paid a dividend of $$2,000$ cash.

a$.$ Record the effects of each transaction using the financial statement effects template.