Crystal Martin, who owns a high-end hair boutique, wants to understand how the following events may affect her financial statements. Using the accounting equation, record each of the transactions using the Transaction Analysis Template.

1.Purchased $500 of supplies to have on hand, on account.2.Performed services and billed her client for $1,250 .3.Paid her assistant $2,000 in wages for cash.

Balance SheetIncome StatementAssets=Liabilities+Stockholders' EquityContrib.RetainedRevenue-Expense=NetTransactionCapital+EarningsIncome1Answer=Answer+Answer+AnswerAnswer-Answer=Answer2Answer=Answer+Answer+AnswerAnswer-Answer=Answer3Answer=Answer+Answer+AnswerAnswer-Answer=Answer