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Option #1: Using the Accounting Equation to Analyze Transactions Second National Bank just approved a loan for Joey John's Inc. to start a home gym design business. Joey John's Inc. is ready to start the business by renting a small office facility, purchasing equipment, hiring sales, design, and administrative help, and beginning to provide services. During March, Joey John's first month of business, the following transactions occurred: 1. Joey John's, Inc. signed a promissory note at the bank and received $50,000 cash. 2. Joey John's issued shares of capital stock to its shareholders to raise another $75,000 cash. 3. Joey John's purchased training and design equipment in the amount of $35,000 cash. 4. Joey John's purchased supplies worth $500 on account. These supplies are expected to last 6 months. 5. Joey John's hired Joshua Ramirez to assist with design and sales on a part-time basis. He will be paid a salary of $1,000 per month for his work. 6. During the first month, Joey John's completed design work on its first two facilities, one for P. Christopher, and the other for Josephine Johnson. 7. Joey John's completed the design work for P. Christopher and sent him a bill for $1,250. 8. Joey John's completed the design work for Ms. Johnson and sent her a bill for $750 9. Inev lohn's collected half of the money 15625) in cash from P Christenher with a 773 Excel - Searching Format File Edit View Insert Format Tool Dita Window A ACT300 Critical Thinking Template_Option_01_Module 01.xlsx *** 100% @ Home Layout Tablas Charts SmartArt Formule Ravlow Edit Font Alignm Number Calibri 11 ALA labe Wrap Text General Paste Clear B U A Merge %> Conditional Formatting 03 f A B c E F C K L M N 310 Joey John's in Normal Bad Forma 4 72 LIABILITIES + STOCKHOLDERS' EQUITY ASSETS Accounts Receivable Unearned Revenue Item Cash Supplies Equipment Accounts Payable Notes Payable Capital Stock Revenues Wages Expenses Tax Expenses 15 ample $10.000 $ 0.000 Explanation of transaction: Transaction increased assets by $10,000 and increased liabilities by $10,000. (a) Explanation of transaction: [b] 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Explanation of transaction: le Explanation of transaction: d] 36 37 3B Explanation of transaction: (el 2 Explanation of transaction: Accounting Equation + Ready Sumo 11 DjWHO MacBook Pro G H 19 Explanation of transaction Explanation of transaction: Explanation of transaction Explanation of transaction: Explanation of transaction: D] Explanation of transaction: Accounting Couation Ready SO