PART B-SHORT ANSWERS :1) Using the accounting equation (Assets = Liabilities + Equity), post the following entries. On January 1st, ABC Inc. receives $100,000 in cash from an investor in exchange for common stock. Purchased goods worth $4000, Half for cash and half on credit Sold goods purchased above@ 25% profit in cost and received cash On January 2 nd, ABC Inc. purchases $50,000 worth of equipment on credit. On January 3rd, ABC Inc. pays $20,000 in rent for the current month. On January 6 th, ABC Inc. pays its employees $5,000 for their services for the current month. (4 Marks)