Analyzing Transactions Using the Financial Statement Effects Template Hanlon Advertising Company began the current month with the following balance sheet. Cash $ 80,000 Noncash assets 135,000 Total assets Liabilities $70,000 Contributed capital 110,000 Earned capital 35,000 $215,000 Total liabilities and equity $215,000 Following are summary transactions that occurred during the current month. 1. The company purchased supplies for $2,500 cash; none were used this month. 2. Services of $1,250 were performed this month on credit. 3. Services were performed for $5,000 cash this month. 4. The company purchased advertising for $4,000 cash; the ads will run next month. 5. The company received $600 cash as partial payment on accounts receivable from transaction 2. 6. The company paid $1,700 cash toward the accounts payable from the prior month. 7. Paid $1,550 cash toward this month's wages expenses. 8. The company declared and paid dividends of $250 cash. (a) Record the effects of each transaction using the financial statement effects template. Use negative signs with your answers, when appropriate. Balance Sheet Cash Transaction Asset Noncash Assets Contributed = Liabilities + Capital Earned Capital Revenue Beginning bal. 1 2 4 7 8 Ending balance Income Statement Expenses = Net Income