Transaction Analysis

Galle Inc. entered into the following transactions during January.

1. Borrowed $250,000 from First Street Bank by signing a note payable.
2. Purchased $25,000 of equipment for cash.
3. Paid $1,250 to landlord for rent for January.
4. Performed services for customers on account, $10,000.
5. Collected $3,000 from customers for services performed in Transaction d.
6. Paid salaries of $6,500 for the current month.
7. Declared and paid $1,500 dividend to stockholders.
8. Purchased $2,200 of supplies on credit.

Stockholders' Equity Contributed Retained Assets = Liabilities + Capital + Earnings a. 250,000 250,000 b. 0 C. -1,250 -1,250 d. 10,000 10,000 e. 0 f. -6,500 -6,500 g. X h.