Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment:

(1) $10,000 cash,

(2) $80,000 of equipment, and

(3) $28,000 note payable owed on the equipment.

For this transaction,

(a) Analyze the transaction using the accounting equation,

(b) Record the transaction in journal entry form, and

(c) Post the entry using T-accounts to represent ledger accounts.
Use the following partial chart of accounts—account numbers in parentheses: Cash (101); Supplies (124); Equipment (167); Accounts Payable (201); Note Payable (245); Common Stock (307); and Services Revenue (403).