Sharon’s Affairs and Parties (SAAP), a sole proprietorship, engaged in the following transactions in 1999: 1. SAAP borrowed $150,000 at 10% per year to begin operations. 2. SAAP accrued the first month’s interest on the loan. 3. SAAP accrued the second month’s interest. 4. SAAP paid the interest due. 5.

Sharon loaned SAAP $10,000 at 24% interest per year. 6.

SAAP accrued interest for the next month on both loans. 7.

SAAP paid the accrued interest. 8.

SAAP repaid Sharon’s loan, along with a loan “cancellation”fee of $2,500. 9.

SAAP accrued interest for the next month. 10.

SAAP repaid the original loan, along with the accrued interest.

Required Record these transactions, using the accounting equation.