Carol Olds secured her broker's license and opened a real estate office. During a short period, she completed these transactions:

a. Sold for \(\$ 62,500\) a personal investment in General Electric stock, which she had inherited, and deposited \(\$ 60,000\) of the proceeds in a bank account opened in the name of the business, Carol Olds, Realtor.

b. Purchased for \(\$ 150,000\) a small building to be used as an office. She paid \(\$ 45,000\) in cash and signed a note payable promising to pay the balance over a period of years.

c. Purchased office equipment for cash, \(\$ 11,600\).

d. Took from home for use in the business office equipment having a \(\$ 700\) fair value.

e. Purchased on credit office supplies, \(\$ 100\), and office equipment, \(\$ 5,000\).

f. Paid the local paper \(\$ 165\) for advertising.

g. Completed a real estate appraisal for a client on credit and billed the client \(\$ 250\) for the work done.

h. Sold a house and collected a \(\$ 10,000\) cash commission on completion of the sale.

i. Carol Olds withdrew \(\$ 2,000\) from the business to pay personal expenses.

\(j\). The client paid for the appraisal of transaction (g).

\(k\). Made a \(\$ 2,500\) installment payment on the amount owed from transaction (e).

l. Paid the office secretary's wages, \(\$ 950\).

Required 1. Arrange the following asset, liability, and owner's equity titles in an equation like Illustration 1-8: Cash; Accounts Receivable; Office Supplies; Office Equipment; Building; Accounts Payable; Notes Payable; and Carol Olds,

Capital. Leave space for an Explanation column to the right of Carol Olds, Capital.
2. Show by additions and subtractions the effects of each transaction on the elements of the equation. Show new totals after each transaction. Next to each change in Carol Olds, Capital, state whether the change was caused by an investment, a revenue, an expense, or a withdrawal.