A43 N A B C D E F G . L M 3 PART A: 4 5 Accounting Equation: 6 ASSETS LIABILITIES EQUITY 7 Transaction Accounts Accounts Notes Common --Retained Earnings- Cash Equipment Receivable Supplies Payable Payable Stock Account 9 1 10 2 11 3 12 4 13 5 14 6 15 7 16 17 18 TOTALS SO $0 $ $0 $0 $0 $o 19 20 Total Assets = so Total Liabilities SO Total Equity = $0 21 22 REQUIRED: 23 A) account for the following transactions using the Accounting Equation above (use 1 row for each transaction) 24 B) After completing the Accounting Equation, prepare an Income Statement and a Balance Sheet for the month of July, 2017 for Strand Corp Sheet1 $0 $0 B D F G H J K M N 30 E 21 22 REQUIRED: 23 A) account for the following transactions using the Accounting Equation above (use 1 row for each transaction) 24 B) After completing the Accounting Equation, prepare an Income Statement and a Balance Sheet for the month of July, 2017 for Strand Corp 25 26 Transactions: 27 1 Strand invested $25,000 in the business in exchange for common stock 28 2 Strand purchased equipment costing $10,000 by borrowing from the bank 29 3 Strand sold $100,000 worth of consulting services on account 4 Strand paid Wages of $50,000 and Rent of $25,000 31 5 Strand purchased $2,000 of supplies on account 32 6 Strand collected $75,000 from customers sold to on account (#3 above) 33 7 Strand paid the bank 50% of what they owed them 34 35 36 PART B: 37 Make your own Journal Entries (debits & credits) for the following typical type of adjustments to accounts (use your own numbers): 38 1) adjust a co's Prepaid Insurance account at year-end 39 2) recognize an accrued Liability and corresponding Expense at year-end 403) recognize Depreciation Exp at year-end 41 4) adjust a co's Unearned Revenue account at year-end 42 Note: include explanations with your adjusting entries Sheet1