The following events occurred for Johnson Company:

Received investment of cash by organizers and distributed to them 1,080 shares of $1 par value common stock with a market price of $10 per share.

Leased $7,800 of equipment, paying $1,300 in cash and signing a long-term right-of-use lease for the rest owed.

Borrowed $7,000 cash from a bank.

Loaned $600 to an employee who signed a note due in six months.

Purchased $22,925 of land; paid $5,000 in cash and signed a note for the balance.

Required:

For each of the events (a) through (e), perform transaction analysis and indicate the account and amount. Check that the accounting equation remains in balance after each transaction.

Note: Enter decreases to an element of the balance sheet with a minus sign. If no impact on accounting equation leave cells blank.