Analyzing Transactions Using the Financial Statement Effects Template Hanlon Advertising Company began the current month with the following balance sheet. Cash Noncash assets 135,000 $80,000 Liabilities 70,000 Contributed capital 110,000 Earned capital 35,000 $215,000 Total liabilities and equity $215,000 Total assets Following are summary transactions that occurred during the current month. 1. The company purchased supplies for $12,500 cash; none were used this month. 2. Services of $6,250 were performed this month on credit. 3. Services were performed for $25,000 cash this month. 4. The company purchased advertising for $20,000 cash; the ads will run next month. 5. The company received $3,000 cash as partial payment on accounts receivable from transaction 2 6. The company paid $8,500 cash toward the accounts payable from the prior month. 7. Paid $7,750 cash toward this month's wages expenses. 8. The company declared and paid dividends of $1,250 cash. (a) Record the effects of each transaction using the financial statement effects template. Use negative signs with your answers, when appropriate