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Show the effects of the following transactions accounting equation using the following format: Cash + Accounts Receivable + Supplies - Equipment Accounts Payable + Owner's
Show the effects of the following transactions accounting equation using the following format: Cash + Accounts Receivable + Supplies - Equipment Accounts Payable + Owner's Capital - Owner's Drawings + .Revenues - Expenses 1) Adam invests $25,000 in cash to start a cleaning and laundry business on June 1. 2) Purchased equipment for $5,000 paying $3,500 in cash and the remainder due in 30 days. 3) Purchased supplies for $1,200 cash. 4) Received a bill from ABC news for $200 for advertising in the newspaper. 5) Cash receipts from customers for cleaning and laundry amounted to $2,600. 6) Paid salaries of $600 to workers. 7) Billed the Tiger Tennis Team $480 for cleaning and laundry services. 8) Paid $200 to ABC news for advertising that was previously billed in Transaction (4). 9) Adam withdrew $1,300 from the business for living expenses. 10) Incurred utility expenses for month on account, $500
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