Analyze each of the following transactions and show the effect on the accounting equation. 1. Provide services to customers on account for $50,000. 2. Purchase equipment by signing a note with the bank for $35,000. 3. Repay $10,000 of the note in (2) above. 4. Pay utilities of $5,000 for the current month. Note: Decreases to account classifications should be entered as a negative. Transaction (1) (2) (3) (4) Assets 11 = = = = Liabilities + + + Stockholders' Equity

On May 1, 2024, Mama's Pizza Shoppe borrowed $9,400 from a local bank and signed a note payable. The note requires repayment of principal and 12% interest on October 31, 2025. The company's fiscal year ends June 30, 2024. What adjusting entry is necessary on June 30,2024 ? Multiple Cholce No adjusting entry is necessery No adjusting entry is necessary