(Solved by Humans)-Problem 3-4A Transactions Reconstructed from Financial Statements The following financial...

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  Problem 3-4A  Transactions Reconstructed from Financial Statements The following financial statements are available for Oak Corporation for its first month of operations: Oak Corporation Income Statement For the Month of July   Service revenue     $75,400 Expenses:       Rent $  6,000     Salaries and wages 24,600     Utilities 12,700   43,300 Net income     $32,100   Oak Corporation Balance Sheet July 31 Assets                                                     Liabilities and Stockholders’ Equity Cash $  13,700 Wages payable $    6,000   Accounts receivable 25,700 Notes payable 50,000   Equipment 32,000 Unearned service revenue 4,500   Furniture 14,700 Capital stock 30,000   Land 24,000 Retained earnings 19,600     Total assets                                          $110,100 Total liabilities and stockholders’ equity                            $110,100             Alternate Multi-Concept Problems                                                                                           141   Required Describe as many transactions as you can that were entered into by Oak Corporation during the first month of business.