2. Record the following transactions for another company: 12/1 Sell shares of common stock for $50,000 to obtain the funds to start the business. 12/1 Borrow $25,000 from the local bank and sign a note promissing to pay in four years. 7/4 Purchase equipment necessary for giving basketball training for $30,000. 12/1 Pay one year of rent in advance, $12,000 ($1,000 per month). 12/6 Purchase supplies on account, $1,300. 12/12 Provide basketball training to customers for cash, $5,500. 12/17 Provide basketball training to customers on account, $2,750. 12/23 Receive cash in advance for 12 training sessions to be given in the future, $1,200 12/28 Pay salaries to employees, $2,700. 12/30 Pay cash dividends of $500 to shareholders. ASSETS LIABILITIES Accounts receive. Cash Prepaid rent Supplies EQUITY Revenue Stock (expense) (dividend) Equip- ment Payables & Deferred notes revenue AWN 500 0 0 0 0 0 - 0 0 + ol Total assets: 0 Total liabilities & equity In balance