1) The company issued common stock in exchange for $4,900 cash. Describe the effects of this transaction on the accounting equation in terms of debits and credits Assets Prepare the appropriate journal entry for this transaction Account Name Liabilities Debit Credit 2) The company purchased equipment for $64,236 cash. Describe the effects of this transaction on the accounting equation in terms of debits and credits Assets Prepare the appropriate journal entry for this transaction Account Name Liabilities Debit Credit 3) The company purchased inventory for $361,090 on account. Describe the effects of this transaction on the accounting equation in terms of debits and credits Assets Prepare the appropriate journal entry for this transaction Account Name Liabilities Debit Credit 4) The company made cash sales to customers for $441,690. Describe the effects of this transaction on the accounting equation in terms of debits and credits Assets Prepare the appropriate journal entry for this transaction Account Name Liabilities Debit Credit + Equity Equity Equity Equity