ces E3-17 (Static) Inferring Operating Transactions and Preparing an Income Statement and Balance Sheet LO3-2, 3-3, 3-4, 3-5 Kate's Kite Company (a corporation) sells and repairs kites from manufacturers around the world. Its stores are located in rented space in malls and shopping centers. During its first month of operations ended April 30, Kate's Kite Company completed eight transactions with the dollar effects indicated in the following schedule: Accounts Cash Accounts Receivable, Inventory Prepaid Expenses Store Fixtures Accounts Payable (a) (e) DOLLAR EFFECT OF EACH OF THE EIGHT TRANSACTIONS (b) (c) (d) $82,000 $(15,400) $(6,200) $ 9,8201 4,180 (7,000) 24,800 15,400 18,600 51,480 (f) (9) (h) $(1,300) $(2,480) $ 3,960 Ending Balance 1,860 Unearned Revenue Common Stock ($1 par value) Additional Paid-in Capital Sales Revenue Cost of Sales Wages Expense Rent Expense Utilities Expense 10,000 72,000 14,000 7,000 1,300 620 1,400 2,510 1,450