Harold Joseph is a painting contractor who specializes in painting commercial buildings. At the begin-ning of June, his firms financial records showed the following assets, liabilities, and owners equity.

Cash$ 72,000

Accounts Receivable18,500

Office Furniture42,500

Auto27,500

Accounts Payable15,300

Harold Joseph, Capital107,250

Revenue65,800

Expenses27,850

INSTRUCTIONSSet up an accounting equation using the balances given above. Record the effects of the following transactions in the equation. (Use plus, minus, and equals signs.) Record new balances after each transaction has been entered. Prove the equality of the two sides of the final equation on a separate sheet of paper"