Balances December 31 balances 1. Cash $9,500 1. Bought office equipment at a cost of $2,800. Paid cash. 2. Collected $5,000 of accounts receivable. Balances 2 During a short period after December 31, Phillips Truck Rental had the following transactions. Balances Accounts + Receivable + $13,900 3. Paid $3,500 of accounts payable. 4. Borrowed $10,000 from a bank. Signed a note payable for that amount. 5. Purchased two trucks for $30,000. Paid $15,000 cash and signed a note payable for the balance. 6. Sold additional share to investors for $85,000. $ $ $ Required: b. Record the effects of each of the six transactions in the preceding tabular arrangement. (Enter decreases to accounts as a negative.) Assets Cash 9,500 Office Equipment + $3,800 9,500 9,500 + Assets Accounts Receivable $ 13,900 $ 13,900 $ 13,900 Saved + Office Equipment 3,800 $ $ $ Trucks $68,000 3,800 3,800 = Notes Payable + $20,000 + Trucks Liabilities $ 68,000 $ 68,000 $ 68,000 Notes Payable $ 20,000 $ $ Liabilities Accounts Payable $10, 200 20,000 20,000 Accounts Payable $ 10,200 $ $ 10,200 10,200 Share capital $65,000 Equity Equity Share Capital 65,000 S $ 65,000 $ 65,000 Help Save & Ex

During a short period after December 31, Phillips Truck Rental had the following transactions. 1. Bought office equipment at a cost of $2,800. Paid cash. 2. Collected $5,000 of accounts recelvable. 3. Paid $3,500 of accounts payable. 4. Borrowed $10,000 from a bank. Signed a note payable for that amount 5. Purchased two trucks for $30,000. Paid $15,000 cash and signed a note payable for the balance. 6. Sold additional share to investors for $85,000. Required: b. Record the effects of each of the six transactions in the preceding tabular arrangement. (Enter decreases to accounts os a negotive.) b. Record the effects of each of the six transactions in the preceding tabular arrangement. (Enter decreoses to accounts as a negotive.)