Transaction Analysis} Goal Systems, a business consulting firm, engaged in the following transactions: a. Issued common shares

Question:

Transaction Analysis}

Goal Systems, a business consulting firm, engaged in the following transactions:

a. Issued common shares for $\$ 50,000$ cash

b. Borrowed $\$ 20,000$ from a bank

c. Purchased equipment for $\$ 7,000$ cash

d. Prepaid rent on office space for six months in the amount of $\$ 6,600$

e. Performed consulting services in exchange for $\$ 4,300$ cash

f. Performed consulting services on credit in the amount of $\$ 16,000$

g. Incurred and paid wage expense of $\$ 7,500$

h. Collected $\$ 7,200$ of the receivable arising from transaction $f$

i. Purchased supplies for $\$ 1,100$ on credit

j. Used $\$ 800$ of the supplies purchased in transaction $i$
k. Paid for all the supplies purchased in transaction $i$
Required:
For each transaction described above, indicate the effects on assets, liabilities, and shareholders' equity using the format below.

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