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View Policies Current Attempt in Progress During 2022, Blossom Company entered into the following transactions. 1. 2. Purchased equipment for $323,340 cash. Issued common stock to investors for $139,300 cash. Purchased inventory of $71,720 on account. 3. Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example.) Assets Cash + Inventory Liabilities Accounts Payable + Equipment (1) $ $ 121 (3) e Textbook and Media Liabilities Accounts Payable Stockholders' Equity Retained Earnings Equipment $ Common Stock S S Transactions for Jayne Company for the month of June are presented below. June 1 2 Issues common stock to investors in exchange for $5,000 cash. Buys equipment on account for $1,100. Pays $740 to landlord for June rent. Sends Wil Wheaton a bill for $700 after completing welding work 3 12 Identify the accounts to be debited and credited for each transaction. Account Debited Account Credited June 1 v June 2 7 June 3 June 12 l and Media -n stock to investors in exchange for $5,000 cash. ent on account for $1,100. landlord for June rent. meaton a bill for $700 after completing welding work. e debited and credited for each transaction. ebited Account Credited > > > Rent Expense Equipment Service Revenue Accounts Receivable Cash Accounts Payable Common Stock dia DLL 3 Pays $740 to landlord for June rent. Sends Wil Wheaton a bill for $700 after completing 12 Identify the accounts to be debited and credited for each transact Account Debited Account Credited June 1 n June 2 June 3 Accounts Receivable Accounts Payable Rent Expense Common Stock Cash Service Revenue Equipment June 12 e Textbook and Media