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

a. Sold capital stock 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 of the supplies purchased in transaction i Required:

For each transaction described above, indicate the effects on assets, liabilities, and stockholders’ equity using the format below.

Assets ¼ Liabilities þ Stockholders’ Equity Contributed Capital Retained Earnings Exercise