Excel Project #1 - Accounting Equation Practice Exercise Instructions: Below is a list of transactions A-L. In the chart below, indicate the effect of the transaction on all related accounts. Use a negative sign for expenses and dividends, as an increase to one of those accounts decreases overall equity. A.) Jeremy Daniels invested $121,750 of cash to start MidAm Technology to start the company. B.) MidAm purchases $4,125 of office supplies on account. C.) MidAm provides service in the amount of $16,500 to a customer on account. D.) MidAm uses $3,500 cash to buy office furniture. E.) MidAm provides service to a customer in the amount of $13,750 and immediately collects cash. F.) MidAm pays $1,250 for the first week of salaries for its two employee. G.) MidAm collects $4,250 as partial payment from the customer in c. H.) Jeremy withdrew $3,500 as a dividend to himself. 1.) MidAm pays off $2,500 of the debt from transaction b. J.) MidAm collects the remaining amount from the customer in c. K.) MidAm borrows $25,250 from the bank by signing a promissory note. L.) MidAm uses up $3,150 of the office supplies. Transaction Cash ASSETS LIABILITIES EQUITY Accounts Receivable Office Supplies Office Furniture Accounts Payable Common Stock Revenues Expenses (-) Dividends (-) [220222222222 $0 Total Assets Total Liabilities Total Equity Total Liabilities and Equity 888 8 8 So $0 So $0 $0 So $0