. Analyze business transactions using the accounting equation. Enter each transaction below into the accounting equation. Then, calculate the (1) amount of assets owned by Jasmine's Sushi Bar Inc. at the end of its first month of business, and (2) the amount of net income for the month. All these transactions took place during the first 30 days of business. (LO 4)

a. Jasmine started the sushi bar by contributing \(\$ 12,000\) in exchange for common stock, and the business borrowed \(\$ 10,000\) from the bank.

b. Jasmine's Sushi Bar purchased \(\$ 2,000\) worth of sushi and other items (its inventory) for cash.

c. The sushi bar hired a sushi expert to help train Jasmine and help run the new company. For this service, Jasmine's paid \(\$ 50\) each day.

d. The bar was popular and Jasmine's sold three-fourths of its inventory for total cash revenues of \(\$ 6,000\).

e. Jasmine's paid rent expense of \(\$ 345\) the first month.

f. Jasmine's repaid \(\$ 500\) of the bank loan along with \(\$ 20\) of interest for the first month.