REQUIRED: A) account for the following transactions using the Accounting Equation above (use 1 row for each transaction) B) After completing the Accounting Equation, prepare an Income Statement and a Balance Sheet for the month of July, 2017 for Strand Corp Transactions: 1 Strand invested $25,000 in the business in exchange for common stock 2 Strand purchased equipment costing $10,000 by borrowing from the bank 3 Strand sold $100,000 worth of consulting services on account 4 Strand paid Wages of $50,000 and Rent of $25,000 5 Strand purchased $2,000 of supplies on account 6 Strand collected $75,000 from customers sold to on account (#3 above) 7 Strand paid the bank 50% of what they owed them

Financial Accounting PROJECT #1 Accounting Equation: ASSETS Transaction# = Supplies Accounts Payable --------------------------------------------$0 $0 $0 $0 -----------$0 Cash Equipment Accounts Receivable 1 2 3 4 5 6 7 TOTALS Total Assets = $0 Total Liabilities = REQUIRED: A) account for the following transactions using the Accounting Equation above (use 1 row for each transaction) B) After completing the Accounting Equation, prepare an Income Statement and a Balance Sheet for the month of J Transactions: 1 Strand invested $25,000 in the business in exchange for common stock 2 Strand purchased equipment costing $10,000 by borrowing from the bank 3 Strand sold $100,000 worth of consulting services on account 4 Strand paid Wages of $50,000 and Rent of $25,000 5 Strand purchased $2,000 of supplies on account 6 Strand collected $75,000 from customers sold to on account (#3 above) 7 Strand paid the bank 50% of what they owed them LIABILITIES Notes Payable + -----------$0 otal Liabilities = EQUITY Common ----Retained Earnings----Stock Account ----------------------$0 $0 $0 Total Equity = row for each transaction) lance Sheet for the month of July, 2017 for Strand Corp $0