Goal Systems, a business consulting firm, engaged in the following transactions: a. Issued common shares for $50,000 cash b. Borrowed $20,000 from a bank c. Purchased equipment for $7,000 cash d. Prepaid rent on office space for six months in the amount of $6,600 e. Performed consulting services in exchange for $4,300 cash f. Performed consulting services on credit in the amount of $16,000 g. Incurred and paid wage expense of $7,500 h. Collected $7,200 of the receivable arising from transaction f 1. Purchased supplies for $1,100 on credit J. Used $800 of the supplies purchased in transaction i k. Paid for all the supplies purchased in transaction i

Goal Systems, a business consulting firm, engaged in the following transactions: a. Issued common shares for $50,000 cash b. Borrowed $20,000 from a bank c. Purchased equipment for $7,000 cash d. Prepaid rent on office space for six months in the amount of $6,600 e. Performed consulting services in exchange for $4,300 cash 1. Performed consulting services on credit in the amount of $16,000 g. Incurred and paid wage expense of $7,500 h. Collected $7,200 of the receivable arising from transaction f 1. Purchased supplies for $1,100 on credit 1. Used $800 of the supplies purchased in transaction i k. Paid for all the supplies purchased in transaction i lequired: For each transaction described above, indicate the effects on assets, liabilities, and shareholders' equity using the format below