ASSETS LIABILITIES EQUITY Contributed Capital Retained Earnings Cash + Equipment = Accounts + Common - Dividends + Service - Salaries + Accounts Receivable payable Stock Revenue Expense 1 +31,000 +31,000 +3,800 +3,800 2 Bal. $31,000 + $3,800 + $31,000 + + $3,800 3 +13,400 +13,400 - Bal. $31,000 + $13,400 = $13,400 + $31,000 + + $3,800 $3,800 + -190 4 +190 Bal. $31,190 + $3,610 + $13,400 + $31,000 + $3,800 $13,400 = +410 5 -410 Bal. $30,780 + $3,610 + $13,810 = $31,000 + + $3,800 $13,400 + -8,000 6 -8,000 $3,610 + $13,810 = $5,400 + Bal. $22,780 + +790 $31,000 + $3,800 +790 Bal. $23,570 + $3,610 + $13,810 = $5,400 + $31,000 $4,590 + 8 -1,500 - 1,500 Bal $22,070 $3,610 $13,810 $5,400 $31,000 $4,590 $1,500 The analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction. (Click the icon to view the transactions.) Cash purchase of equipment Collected cash on account Dividends Earned revenue and received cash Earned revenue on account Issuance of common stock to stockholders Paid cash for salaries expense Paid cash on account Purchased equipment on account Choose from any drop-down list and then continue to the next