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You have been hired as a bookkeeper by MCU Holiday, owner of MCU Inn. During your first week on the job, the following transaction occurred:
You have been hired as a bookkeeper by MCU Holiday, owner of MCU Inn. During your first week on the job, the following transaction occurred: (a) New furniture costing $15,000 was purchased with a loan from the bank (b) Mr. Holiday contributed $6,000 to the business as new capital (c) Cash of $1,000 was paid on the $15,000 loan (d) Office supplies of $100 were bought on account from Stu's House of Office Supplies (e) A new computer costing $1,500 was paid for with cash Please show how the transactions affect the fundamental accounting equation (Assets = Liabilities + Owner's Equity) using the format below. Assets Liabilities + Owner's Equity (a) (b) (c) (d) (e) Total
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