Brief Exercise $1-4($Algo$)$ Effect of events on the accounting equation LO $1-4$

Agave Moss is a fashion consulting company operating out of the Pacific Northwest. The company experienced the following events during Year $1$:

Acquired $$530,000$ cash from the issuance of common stock.

Purchased land for $$230,000$ cash.

Borrowed $$87,500$ from a local bank.

Provided consulting services to customers for $$180,000$ cash throughout the year.

Required:

Record the events in an accounting equation table. Record any amounts related to revenue in the Retained Earnings column.

Note: Enter any decreases to account balances with a minus sign. For accounts unaffected by a transaction, leave cells blank.

$\backslash$table$[[$Agave Moss$],[$Accounting Equation$],[$Event Number,Assets,$=,\backslash$table$[[$Liabilities$],[$Notes$],[$Payable$]],+,$Stockholders' Equity$],[$Cash$,+,$Land,$\backslash$table$[[$Common Stock$]],+,\backslash$table$[[$Retained$],[$Earnings$]]],[1.r,,+,,=,,+,,+,],[2.,,+,,=,,+,\backslash ,+,],[3.,,+,,=,,+,,+,],[4.,,+,,=,,+,,+,]]$