1-22 Describing Underlying Transactions LaTech Company, which was recently formed, is engaging in some preliminary transactions before beginning full-scale operations for retailing laptop computers. The balances of each item in the company's accounting equation are given next for May 10 and for each of the next nine business days. Accounts Computer Store Accounts Owners' Cash Receivable May 10 $ 6,000 $4,000 11 12,000 4,000 12 12,000 4,000 15 9,000 4,000 16 9,000 4,000 17 12,000 1,000 18 7,000 1,000 19 5,000 1,000 22 5,000 1,000 23 2,000 1,000 Inventory $18,000 18,000 18,000 21,000 26,000 26,000 26,000 26.000 25,600 25,600 Fixtures Payable $3,000 $4,000 3,000 4,000 7,000 4,000 7,000 4,000 7,000 9,000 7,000 9,000 13,000 10,000 13,000 8,000 13,000 7,600 13,000 7,600 Equity $27,000 33,000 37,000 37,000 37,000 37,000 37,000 37,000 37,000 34,000 State briefly what you think took place on each of these nine days, assuming that only one transac- tion occurred each day. 1-22 Describing Underlying Transactions LaTech Company, which was recently formed, is engaging in some preliminary transactions before beginning full-scale operations for retailing laptop computers. The balances of each item in the company's accounting equation are given next for May 10 and for each of the next nine business days. Accounts Computer Store Accounts Owners' Cash Receivable May 10 $ 6,000 $4,000 11 12,000 4,000 12 12,000 4,000 15 9,000 4,000 16 9,000 4,000 17 12,000 1,000 18 7,000 1,000 19 5,000 1,000 22 5,000 1,000 23 2,000 1,000 Inventory $18,000 18,000 18,000 21,000 26,000 26,000 26,000 26.000 25,600 25,600 Fixtures Payable $3,000 $4,000 3,000 4,000 7,000 4,000 7,000 4,000 7,000 9,000 7,000 9,000 13,000 10,000 13,000 8,000 13,000 7,600 13,000 7,600 Equity $27,000 33,000 37,000 37,000 37,000 37,000 37,000 37,000 37,000 34,000 State briefly what you think took place on each of these nine days, assuming that only one transac- tion occurred each day. 1-22 Describing Underlying Transactions LaTech Company, which was recently formed, is engaging in some preliminary transactions before beginning full-scale operations for retailing laptop computers. The balances of each item in the company's accounting equation are given next for May 10 and for each of the next nine business days. Accounts Computer Store Accounts Owners' Cash Receivable May 10 $ 6,000 $4,000 11 12,000 4,000 12 12,000 4,000 15 9,000 4,000 16 9,000 4,000 17 12,000 1,000 18 7,000 1,000 19 5,000 1,000 22 5,000 1,000 23 2,000 1,000 Inventory $18,000 18,000 18,000 21,000 26,000 26,000 26,000 26.000 25,600 25,600 Fixtures Payable $3,000 $4,000 3,000 4,000 7,000 4,000 7,000 4,000 7,000 9,000 7,000 9,000 13,000 10,000 13,000 8,000 13,000 7,600 13,000 7,600 Equity $27,000 33,000 37,000 37,000 37,000 37,000 37,000 37,000 37,000 34,000 State briefly what you think took place on each of these nine days, assuming that only one transac- tion occurred each day. 1-22 Describing Underlying Transactions LaTech Company, which was recently formed, is engaging in some preliminary transactions before beginning full-scale operations for retailing laptop computers. The balances of each item in the company's accounting equation are given next for May 10 and for each of the next nine business days. Accounts Computer Store Accounts Owners' Cash Receivable May 10 $ 6,000 $4,000 11 12,000 4,000 12 12,000 4,000 15 9,000 4,000 16 9,000 4,000 17 12,000 1,000 18 7,000 1,000 19 5,000 1,000 22 5,000 1,000 23 2,000 1,000 Inventory $18,000 18,000 18,000 21,000 26,000 26,000 26,000 26.000 25,600 25,600 Fixtures Payable $3,000 $4,000 3,000 4,000 7,000 4,000 7,000 4,000 7,000 9,000 7,000 9,000 13,000 10,000 13,000 8,000 13,000 7,600 13,000 7,600 Equity $27,000 33,000 37,000 37,000 37,000 37,000 37,000 37,000 37,000 34,000 State briefly what you think took place on each of these nine days, assuming that only one transac- tion occurred each day