Presented in the bar chart below are a company's total assets, total liabilities, and total stockholders' equity after each of five transactions in its first year of business. The bar on the left is total assets, and the stacked bar on the right includes total liabilities an total stockholders' equity. Beginning balances prior to Transaction 1 are $0. Answer the following questions: Assets, Liabilities, and Stockholders' Equity After Five Transactions $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 50 Beg. $0 1 2 3 4 5 Transactions Assets Liabilities Stockholders' Equity Click here to open the graph(s) in a new tab. Required: 1. Transaction 1 depicts the issuance of common stock for cash. How does this transaction affect the accounting equation? 2a. How does Transaction 2 affect the accounting equation? 2b. Which of the following transaction descriptions is depicted by Transaction 2? 3a. How does Transaction 3 affect the accounting equation? 3b. Which of the following transaction descriptions is depicted by Transaction 3? 4a. How does Transaction 4 affect the accounting equation? 4b. Which of the following transaction descriptions is depicted by Transaction 4? 5a. How does Transaction 5 affect the accounting equation? 5b. Which of the following transaction descriptions is depicted by Transaction 5? 6. What is true after each of the five transactions? Req 1 Req 2A Req 2B Req 3A Req 3B Req 4A Req 4B Req 5A Req 5B Req 6 Transaction 1 depicts the issuance of common stock for cash. How does this transaction affect the accounting equation? Assets Liabilities Stockholders' Equity Req 1 Req 2A > es Req 1 Req 2A Req 2B Req 3A Req 3B Req 4A Req 4B Req 5A Req 5B How does Transaction 2 affect the accounting equation? Assets Liabilities Stockholders' Equity < Req 1 Req 2B > Req 1 Req 2A Req 2B Req 3A Req 3B Req 4A Req 4B Req 5A Which of the following transaction descriptions is depicted by Transaction 2? OPay employee salaries for the current period. Provide services to customers on account. OPurchase equipment by signing a note payable. Repay portion of a note payable. < Req 2A Req 3A > Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3A Req 3B Req 4A Req 4B Req 5A Req How does Transaction 3 affect the accounting equation? Assets Liabilities Stockholders' Equity < Req 2B Req 3B > Req 1 Req 2A Req 2B Req 3A Req 3B Req 4A Req 4B Req 5A Which of the following transaction descriptions is depicted by Transaction 3? OPay employee salaries for the current period. Provide services to customers on account. Purchase equipment by signing a note payable. Repay portion of a note payable. < Req 3A Req 4A > Req 1 Req 2A Req 2B Req 3A Req 3B Req 4A Req 4B Req SA How does Transaction 4 affect the accounting equation? Assets Liabilities Stockholders' Equity < Req 3B Req 4B > Req 1 Req 2A Req 28 Req 3A Req 3B Req 4A Req 4B Req 5A Req 5B Which of the following transaction descriptions is depicted by Transaction 4? OPay employee salaries for the current period. OProvide services to customers on account. OPurchase equipment by signing a note payable. ORepay portion of a note payable. < Req 4A Req 5A > Req 1 Req 2A Req 2B Req 3A Req 3B Req 4A Req 4B Req 5A Req 5 How does Transaction 5 affect the accounting equation? Assets Liabilities Stockholders' Equity < Req 4B Req 5B > Req 1 Req 2A Req 2B Req 3A Req 3B Req 4A Req 4B Req 5A Req 5 Which of the following transaction descriptions is depicted by Transaction 5? OPay employee salaries for the current period. OProvide services to customers on account. OPurchase equipment by signing a note payable. Repay portion of a note payable. < Req 5A Req 6 > Req 1 Req 2A Req 2B Req 3A Req 3B Req 4A Req 4B Req 5A Req 5B Req 6 What is true after each of the five transactions? OAssets are sometimes greater than liabilities plus stockholders equity OAssets are sometimes less than liabilities plus stockholders equity Assets always equal liabilities plus stockholders equity < Req 5B Req 6>