During 2025, Rain Corp. entered into the following transactions. 1. Purchased equipment for ($ 31,000) by issuing

Question:

During 2025, Rain Corp. entered into the following transactions.

1. Purchased equipment for $\$ 31,000$ by issuing a note.

2. Received $\$ 960$ from tenant for rent.

3. Paid $\$ 520$ for supplies previously purchased on account.

4. Performed services on account for $\$ 12,500$.

Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to revenues or expenses in the right-hand margin. For retained earnings, use separate columns for revenues, expenses, and dividends if necessary. Use Illustration 3.4 as a model.

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