Class 3 Ch 2 Acct equation (2 pts) READ Instructions In Year 1, the first year of business, Legal Eagles had the following transactions 1 1. Provided services to customers on account for $74,500. 2. Provided services to customers for cash for $45,000. 3. Incurred $38,000, of expenses on account 4. Paid $17,500 to employees for salaries 5. Received $60,000 from customers on account, 6. Paid $16,000 on accounts payable 7. Paid dividends of $6,000 to stockholders 8. Salaries owed to employees were $3,000 at the end of Year 1. Required a. Show the effects of the transactions on the accounting equation/financial statements. Leave the space blank if there is no effect b. What is the amount of total assets at the end of Year 17 c. What is the balance of accounts receivable at the end of Year 1? d. What is the belance of accounts payable at the end of Year 1? e. What is net income for Year 17 Complete this question by entering your answers in the tabs below. Reg Show the effects of the transactions on the accounting equation/financial statements. (Enter any decreases to account balances with a minus sign. Leave cene blank if the transaction had no effect. Do not enter amounts in the black cals) LEGAL EAGLES ACCOUNTING EQUATIONFINANCIAL STATEMENTS Labtes Salaries Payable Act Payable Year 1 Bockholders Enity Cash Aut Receivable % 74.500 2 45.000 3. 30.000 4 60.000 Expense 74.500 74.500 45,000 74.500 36.000 9 Prev 1 of 1 Next Her