Determine the missing amounts in the following accounting equations.

1. Label each of the transactions in the preceding analysis with the correspon ding letter of the description that best fits it:

a. Earned revenue for painting services provided, but customer will pay later.

b. Customers paid cash for painting services completed earlier in the month.

c. Received cash for revenue earned by providing painting services.

d. Paid cash for expenses incurred to operate the business.

e. Paid cash to purchase painting equipment.

f. Sold stock to start the painting service business.
g. Borrowed money from the bank to purchase painting equipment.
2. If these transactions fully describe the operations of Nelson’s Painting Service, Inc., during the month, what was the amount of its net income or net loss?

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Inland Equipment, Corp. Peter's Hardware, Inc. Sparky's Electric, Inc. Assets Liabilities Stockholders' Equity ? $52,700 + $18,000 $ 96,000 $107,400 ? + $42,000 $88,200 + ?