Heavey and Lovas Furniture Repair Service, a company with two stockholders, began operations on June 1, 2003. The following T-accounts indicate the activities for the month of June.

Required:
Explain Events

(a) through {d) that resulted in the entries in the T-accounts. That is, for each account, what transactions made it increase and/or decrease?

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Cash (A) a. 17,000 b. 10,000 C. d. 800 C. 1,500 Building (A) b. 50,000 Notes Receivable (A) 1,500 a. Tools and Equipment (A) 3,000 d. 800 Notes Payable (L) Contributed Capital (SE) b. 40,000 a. 20,000