b. Use the financial statement effects template to record the following transactions on January 4 of the following year: 1. Payment of $4,800 cash in wages. 2. Cash receipt from the tenant of the $1,000 rent revenue. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Cash Asset Income Statement Expenses Noncash Assets Contrib. Capital Revenues Transaction 1. Earned Capital 7,400 X Net Income (4,800) 0 0 0 (2,600) X Balance Sheet Liabilities (2,600) Wages Payable 0 N/A Cash N/A N/A Retained Earnings N/A Wages Expense 2. 1,000 0 0 0 - 0 = (1,000) +