Transactions; Financial reports that summarize the effects of events on a business.Financial Statements On April 1, 20Y8, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April: Opened a An organization in which basic resources (inputs), such as materials and labor, are assembled and processed to provide goods or services (outputs) to customers.business bank account with a deposit of $31,000 in exchange for common stock. Purchased supplies on account, $3,110. Paid creditor on account, $1,970. Earned The total amount charged customers for merchandise sold, including cash sales and sales on account.sales commissions, receiving cash, $31,770. Paid rent on office and equipment for the month, $6,230. Paid dividends, $10,000. Paid automobile Assets used up or services consumed in the process of generating revenues.expenses for month, $2,990, and miscellaneous expenses, $1,430. Paid office salaries, $3,750. Determined that the cost of supplies on hand was $1,050; therefore, the cost of supplies used was $2,060. Required: 1.  Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers using a minus sign.   Assets = Liabilities + Stockholders' Equity     Cash + Supplies = AccountsPayable + Common Stock - Dividends + SalesCommissions - Rent Expense - SalariesExpense - AutoExpense - SuppliesExpense - MiscellaneousExpense a.                                             b.                                             Bal.                                             c.                                             Bal.                                             d.                                             Bal.                                             e.                                             Bal.                                             f.                                             Bal.                                             g.                                             Bal.                                             h.                                             Bal.                                             i.                                             Bal.                                               Feedback     2.  Prepare an A summary of the revenue and expenses for a specific period of time, such as a month or a year.income statement for April. Custom Realty Income Statement For the Month Ended April 30, 20Y8     Common stock Cash Sales commissions Supplies Supplies expense   $ Expenses:         Common stock Cash Salaries expense Sales commissions Supplies $       Accounts payable Cash Dividends Rent expense Retained earnings         Accounts payable Automobile expense Cash Dividends Supplies         Assets Retained earnings Sales commissions Supplies Supplies expense         Cash Miscellaneous expense Common stock Dividends Supplies     Total expenses         Net income Net loss   $   Feedback     Prepare a statement of stockholders’ equity for April. If an amount is zero, enter "0". For those boxes in which you must enter subtracted or negative numbers use a minus sign. Custom Realty Statement of Stockholders’ Equity For the Month Ended April 30, 20Y8   Common Stock Retained Earnings Total     Balances, April 1, 20Y8 Balances, April 30, 20Y8 Cash Dividends Sales commissions $ $ $     Issued common stock Cash Net income Net loss Supplies expense           Accounts payable Cash Net income Net loss Supplies           Common stock Cash Dividends Rent expense Salaries expense           Accounts payable Balances, April 1, 20Y8 Balances, April 30, 20Y8 Common stock Dividends         Feedback     Prepare a A list of the assets, liabilities, and stockholders' equity as of a specific date, usually at the close of the last day of a month or a year.balance sheet as of April 30. Custom Realty Balance Sheet April 30, 20Y8 Assets     Accounts payable Common stock Cash Sales commissions Retained earnings   $     Accounts payable Common stock Dividends Retained earnings Supplies     Total assets   $ Liabilities     Accounts payable Accounts receivable Common stock Sales commissions Retained earnings   $ Stockholders' Equity     Accounts payable Accounts receivable Common stock Cash Dividends Supplies $       Accounts payable Accounts receivable Cash Sales commissions Retained earnings Supplies     Total stockholders' equity     Total liabilities and stockholders' equity   $