The Buy-It Design Corporation creates radio and television advertising for local businesses in the twin cities. The following alphabetical list shows Buy-It Design’s account balances as of January 31, 20xx:

Required Insert the account title at the top of its corresponding T account and enter the dollar amount as a normal balance in the account. Determine the balance of Equipment and then show that the accounting equation is in balance.

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Accounts Payable Accounts Receivable $ 3,210 Loans Payable $ 5,000 36,000 Retained Earnings 22,000 Cash 7,200 Rent Expense 5,940 Common Stock 10,000 Telephone Expense 480 Design Revenue 105,000 Unearned Revenue 9,000 Dividends 18,000 Wages Expense 62,000 Equipment ?