Textbook Problem

Transactions and Financial statements
Les Stanley established an insurance agency on July 1, 20Y5, and completed the following
transactions during July:
a. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock.
h. Borrowed $100,000 by issuing a note payable.
c. Received cash from fees earned. $30000.
d. Paid rent on office and equipnwnt for the month, $5,000.
e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000.
f. Paid office salaries, $6,500.
g. Paid interest on the note payable, $500.
h. Purchased land as a future building site, paying cash of $120,000.
i. Paid dividends, $3,000.

Instuction
Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework.