Strand invested $25,000 in the business in exchange for common stock

Strand purchased equipment costing $10,000 by borrowing from the bank

Strand sold $100,000 worth of consulting services on account

Strand paid Wages of $50,000 and Rent of $25,000

Strand purchased $2,000 of supplies on account

Strand collected $75,000 from customers sold to on account (#3 above)

Strand paid the bank 50% of what they owed them

A) account for the following transactions using the Accounting Equation above (use 1 row for each transaction)

ASSETS

=

LIABILITIES

+

EQUITY

Transaction#

Accounts

Accounts

Notes

Common

----Retained Earnings-----

Cash

Equipment

Receivable

Supplies

Payable

Payable

Stock

Account

needs to be charted?