Let's record transactions dealing with assets, liabilities, and equity accounts.

Assume all transactions will take place on December $31$ and we will be preparing a balance sheet on the same day.

$17,$ all of the following transactions occurred for Larry, Inc. $("$U$\text{'}).$

$)$ and Dimitrius $(D")$ each contributed $$50,000$ cash to $LI$ in exchange for common stock.

thuted equipment valued at $$100,000$ and $LI$ issued common stock to $E.$

$\mathrm{.}000$ bank loan. The loan requires LI to pay annual interest of $9\%$ and will be payable on June $30,2019.$

iment for $$3,000$ cash.

Iding from Dallas, Inc. $("$DI$")$ for $$100,000.$ Ul will place a down payment of $15\%$ in cash and the remaining balance will be payable to DI by January $31,2019.10$ worth of inventory to sell at its retail store. The inventory as purchased on account and the terms were net $30.$

;$4,000.$ Johnny will repay the loan in January $2019.$ The loan will bear interest at $8\%.$

LI $$9,000$ as an advance for inventory to be delivered in January $2019.$

ctions A$-$H$,$ enter the transactions into T$-$Accounts, prepare a trial balance and a balance sheet as of $12/31/17.$

$7$