High KickHigh Kick Games, Inc is a new corporation started on January 1,2018 The following transactions occurred during the first year of operations a On January 1, the owners invested a total of $ 49,000 00 (the par value of the stock) to start the company In exchange, the corporation issued the owners 5,000 shares of common stock b On March 14, the company paid cash to purchase office equipment for $10,200 00 c On April 6, the company obtained a note from the bank for $96,000 d On May 31, salaries were accrued for time worked in May in the amount of $9,000 These salaries will be paid in June e On June 15, the company paid cash to employees for salaries accrued on May 31 f On July 12, company paid cash for legal fees associated with the startup of the company in the amount of $5,500 g On September 6, the company sold $30,000 of merchandise to a large customer The customer paid cash for half of the transaction and put the other half on her credit account with the vendor (ignore the inventory and cost of goods sold entry of this transaction) h On November 1, the customer that purchased goods on September 6 paid off its credit account balance of $15,000 with cash i On December 14, the company made a $9,700 cash payment towards its outstanding bank note balance Requirements a Show the effect of each transaction on assets, liabilities, and equity using the accounting equation b Prepare the journal entry for each transaction Omit explanations Requirement a Show the effect of each transaction on assets, liabilities, and equity using the accounting equation (If a box is not used in the table leave the box empty do not enter a zero Enter a decrease in an account with a minus sign or parentheses Abbreviations used A R Accounts Receivable Equip Equipment Beg R E Beginning Retained Earnings Contr Cap Contributed Capital Rev Revenues Exp Expenses Div Dividends ) Assets Liabilities Stockholders' Equity Ending Retained Earnings Cash A R Equip Liabilities Contr Beg Rev and Exp and Div Cap R E Gains Losses Declared a

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High KickHigh Kick Games, Inc. is a new corporation started on January 1,2018 The following transactions occurred during the first year of operations. a. On

High KickHigh Kick Games, Inc. is a new corporation started on January 1,2018

The following transactions occurred during the first year of operations.

a.	On January 1, the owners invested a total of $ 49,000.00 (the par value of the stock) to start the company. In exchange, the corporation issued the owners 5,000 shares of common stock.
b.	On March 14, the company paid cash to purchase office equipment for $10,200.00
c.	On April 6, the company obtained a note from the bank for $96,000.
d.	On May 31, salaries were accrued for time worked in May in the amount of $9,000. These salaries will be paid in June.
e.	On June 15, the company paid cash to employees for salaries accrued on May 31.
f.	On July 12, company paid cash for legal fees associated with the startup of the company in the amount of $5,500.
g.	On September 6, the company sold $30,000 of merchandise to a large customer. The customer paid cash for half of the transaction and put the other half on her credit account with the vendor (ignore the inventory and cost of goods sold entry of this transaction).
h.	On November 1, the customer that purchased goods on September 6 paid off its credit account balance of $15,000 with cash.
i.	On December 14, the company made a $9,700 cash payment towards its outstanding bank note balance.

Requirements

a.	Show the effect of each transaction on assets, liabilities, and equity using the accounting equation.
b.	Prepare the journal entry for each transaction. Omit explanations.

Requirement a. Show the effect of each transaction on assets, liabilities, and equity using the accounting equation. (If a box is not used in the table leave the box empty; do not enter a zero. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/R = Accounts Receivable; Equip. = Equipment; Beg. R/E = Beginning Retained Earnings; Contr. Cap. = Contributed Capital; Rev. = Revenues; Exp. = Expenses; Div. = Dividends.)

Assets

Liabilities +

Stockholders' Equity