References Mailings Review View Table Design apability Mode Layout Tell me Aa A 1 Acte Od Na Satin AaBbccbd AaBb HE 17.Transaction Analysis: For each of the following transactions of Comet Company for the month of January, indicate the accounts, the amounts, and the direction of the effects on the accounting equation. A sample is provided. (Sample) Comet Company purchases inventory from a wholesale distributor for $500 cash. b) Comet Company issues 1,000 shares of stock with a par value of 0.01 and a market value of $12 per share. c) Comet Company purchases equipment worth $1,200 from Mars Inc. It pays $500 in cash at the time of sale and puts the remainder on account. d) Comet Company receives $100 in cash for services that it has not yet performed (e.g., it has not yet satisfied the performance obligation). c) Comet Company pays the remainder of the amount due to Mars Inc. for its purchase of equipment. # Comet Company declares dividends of $0.50 per share. 8) Comet Company borrows $10,000 from Wells Fargo and signs a note. b) After six months, Comet Company repays the loan. Liabilities Assets @ Inventory 1 $500 Cash 1 $500 No effect Shareholder's Equity No effect (b) Cath TS12,000 No effect Common stock | SIO Additional pald-in capital 1 S11,990 (c) Inventory 1 $1200 Cash $500 Account payable 5700 No effect O Focus United States MacBook Pro . S88 BE PY ve :: 98 $ 4 % 5 & 7 3 8 9 C : 0 18. Journal Entries: For each transaction in the previous question, write out the journal entries and know how to post them to T accounts) keeping in mind the meaning of debit and credit in an accounting seases well as the normal balance of each account being used. Be sure to we proper formatting when writing ood the journal entries. Purchase of inventory Dt. Inventory 500 Q. Cash 500 ACCT 2301 (Fall 2021) Stock Dr. Cal $12.000 Cr. Common stock Cr. Additional aid in Capital 510 $11.90 (0) Mechelewamen yaan S1200 O Focus States) MacBook Pro 80 F3 888 F4 26 FB da F7 Du FB OD 4 ... (c) Purchase of equipment Dr, equipment S1200 Cr. Cash SSOO (d) For services to be performed Settles account due to Mars Inc. (1) Dividend declared ( Borrows money from bank AC *** (h) Borrows money from bank MacBook Pro