Grant Appraisal Service provides commercial and industrial appraisals and feasibility studies. On January 1, the assets and liabilities of the business were the following:

Cash	$9,290
Accounts Receivable	14,890
Accounts Payable	690
Notes Payable	2,590
Common Stock	18,400
Retained Earnings	2,500

The following transactions occurred during the month of January:

Jan	1	Paid rent for January, $1,040.
	2	Received $8,890 payment on customers' accounts.
	3	Paid $590 on accounts payable.
	4	Received $1,690 for services performed for cash customers.
	5	Borrowed $5,090 from a bank and signed a note payable for that amount.
	6	Billed the city $6,290 for a feasibility study performed; billed various other credit customers $1,990.
	7	Paid the salary of an assistant, $4,090.
	8	Received invoice for January utilities, $500.
	9	Paid $6,090 cash for employee salaries.
	10	Purchased a van (on January 31) for business use, $9,890.
	11	Paid $140 to bank as January interest on the outstanding note payable.

Required

(a) Set up an accounting equation in columnar form with the following individual assets, liabilities, and stockholders' equity accounts: Cash, Accounts Receivable, Van, Accounts Payable, Notes Payable, Common Stock, and Retained Earnings. Enter the January 1 balances below each item. (Note: The beginning Van account balance is $0.) (b) Show the impact (increase or decrease) of transactions 1-11 on the beginning balances, and total the columns to show that assets equal liabilities plus stockholders' equity as of January 31.

	Cash	+	Accounts Receivable	+	Van	=	Accounts Payable	+	Notes Payable	+	Common Stock	+	Retained Earnings
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