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1) Drake Co. begins operations by issuing common stock in exchange for $250,000. DR CR 2) Drake Co. purchases a piece of equipment for

1) Drake Co. begins operations by issuing common stock in exchange for $250,000. DR CR 2) Drake Co. purchases a piece of equipment for $50,000 cash. DR CR 3) Drake Co. purchases inventory on account for $8,000. Drake has agreed to pay the supplier in 30 days. DR CR 4) Drake Co. performs services and bills the customer $12,000. The customer has agreed to pay Drake in 30 days. DR CR

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