During the first quarter of the year, the following events took place. Complete the transaction ledger for this first quarter.

Please categorize them in the appropriate place on the ledger

1. Sales totaling $18,000 were made to customers during the first quarter. Of these sales, 60%were collected during the first quarter and the balance is expected to be collected during the next quarter.

2. Inventory costing $10,600 was purchased during the first quarter, of which 10% was paid in cash before the end of the first quarter. The remaining 90% was still payable to the vendors at the end of the first quarter.

3. A 3-year, $4,000 12% loan was obtained from a local bank on the last day of the quarter. The full amount of interest and principal is due at the end of the 3-year period.

Create an entry line for Assets= Liability + Equity and place each quantity in its own column in the Transaction so that the equation balances and provide an explanation