Goal: determine the effect of various transactions on the cash-basis accounting equation (pp. 55-59) 1. Use the template below to indicate how the following transactions affect the cash-basis accounting equation: a. Kissimmee, Inc. (a retail store) begins business on January 1, 2015 with a $100,000 cash contribution from the owners. b. On January 1, 2015, Kissimmee hires tive employees to manage and operate the business. c. On January 1, 2015, Kissimmee pays the monthly rent of $500 cash. d. On January 27, 2015. Kissimmee issues a 12% note payable to purchase warehouse equipment for $10,000. e. On January 10, 2015, Kissimmee purchases goods from a wholesaler for $2.500 cash, and sells the goods on the same day to a customer for S4,500 cash. f. On January 15, 2015, Kissimmee pays wages due employees in the amount of $750 cash. . On January 20, 2015, Kissimmee pays various utility expenses in the amount of $400 cash. h. On January 25, 2015, Kissimmee purchases goods on credit from a wholesaler in the amount of $1,000 i. At the end of business on January 31, 2015: - customers owe Kissimmee $500 for the sale and delivery of goods from inventory during January 2105 with a cost of $278 (i.e., the customer invoices remain unrecorded and unpaid as of January 31, 2015). - Kissimmee owes employees $500 for wages earned during January 2015 (i.e., wages remain unrecorded and unpaid as of January 31, 2015). - Kissimmee owes the local utility company S100, which remains unrecorded as of January 31, 2015 Assets Shareholders' Equity Contributed Earned Capital Capital Revenue (+) Expenses (-) Cash Cash In Cash Out Transaction reference (h-i) $4,150 Totals $104,500 $4,150 $100,350 = | - $100,000 $100,000 $4,500 $350