Show the effect of each transaction using the following model. If an amount does not require an entry, leave it blank.

Transaction Analysis Galle Inc. entered into the following transactions during January. a. Borrowed $50,000 from First Street Bank by signing a note payable. b. Purchased $25,000 of equipment for cash. C. Paid $2,000 to landlord for rent for January. d. Performed services for customers on account, $10,000. e. Collected $3,000 from customers for services performed in Transaction d. f. Paid salaries of $3,500 for the current month. g. Declared and paid $1,300 dividend to stockholders. h. Purchased $2,700 of supplies on credit. Stockholders' Equity Contributed Capital Retained Earnings Assets Liabilities + + a. 50,000 50,000 b. 0 X 2,000 X 2,000 X c. d . 10,000 10,000 e. 3,000 X f. 3,500 x 3,500 X 1,300 x III g. 1,300 X h. 2,700 2,700 Feedback