Module 1A Checkpoint A list of transactions for Stover's Equipment Repair Shop for July are as follows: 1. Lee Stover invested $8,000 cash to start the business 2 Paid $1.100 cash for July rent on shop space. 3. Supplies costing $2.200 were purchased on account from Coates Supplies, Inc. 4. Purchased equipment costing $4,400. $800 cash was paid and a promissory note payable was signed for the balance due. 5. Repaired equipment for a customer and received $1,700 cash. 6. Paid aid a local newspaper $800 cash for an ad appearing in the Sunday edition. 7. Repaired equipment for a customer and billed the customer $2,300 8. Made a $1,200 payment on accounts payable to Coates Supplies, Inc. 9. Repaired equipment for a customer for $1,700. Received $700 cash and the remainder was billed to the customer. 10. Stover withdrew $1,000 cash for personal use. 11. Received $900 cash on account from previously billed customers. 12. Paid $700 cash to a janitorial service to have the shop cleaned. Instructions (a) Using the appropriate column headings, show the effect of the transactions on assets, liabilities, and stockholders' equity. Be sure to compute the new balances after each transaction. Compute the following amounts: Net Income Total Assets Total Owner's Equity Total Liabilities Total Liabilities & Owner's Equity + + ASSETS Accounts + Receivable + Supplies + Equipment = LIABILITIES Accounts Notes Payable Payable Stover, Capital OWNER'S EQUITY Stover', Drawing + Revenues - Expenses Cash + - Bal 2. Bal 3. Bal Bal Bal 6. Bal Bal Bal 9. Bal 10. Bal Bal 12. Bal