Percy Thomas founded

Bookmart.com at the beginning of August, which sells new and used books online. He is passionate about books but does not have a lot of accounting experience.

Required:

Help Percy by preparing the accounting equation effects for the following transactions.

Note: Enter any decreases to account balances with a minus sign.

a$.$ The company purchased equipment for $$4,000$ cash. The equipment is expected to be used for $10$ or more years.

b$.$ Percy's business, bought $$7,000$ worth of inventory from a publisher. The company will pay the publisher within $45$ to $60$ days.

c$.$ Percy's friend Emmanuel lent $$4,000$ to the business. Emmanuel had Percy write a note promising that

Bookmart.com would repay the $$4,000$ in four months. Because they are good friends, Emmanuel is not going to charge Percy interest.

d$.$ The company paid $$1,500$ cash for books purchased on account earlier in the month.

e$.$

Bookmart.com repaid the $$4,000$ loan established in $($c$).$

Answer is not complete.

$\backslash$table$[[,$Assets,$=,$Liabilities,$+,$Stockholders' Equity$],[$a$.,$Equipment,$(2),4,000,=,$Accounts Payable,$,7,000,+,$Retained Earnings,$,00],[$a$.,$Cash,$($c$),(4,000),=,$Notes Payable $($short$-$term$),,4,000,+,$Common Stock,$,00],[$b$.,$Inventory,$(,7,000,=,$Accounts Payable,$(>),(1,500),+,,,],[$c$.,$Cash,$($c$),4,000,=,,,,+,,,],[$d$.,$Cash,$(,(1,500),=,,,,+,,,],[$e$.,,,4,=,,,,+,,,],[,$Total,,$9,500,=,,,9,500,+,,,0]]$