The following events occurred for Perkins Company:
a. Received investment of $24,000 cash by organizers and distributed stock to them.
b. Purchased $8,000 of equipment, paying $1,000 in cash and signing a note for the rest.
c. Loaned $500 to an employee who signed a note.
d. Borrowed $7,000 cash from a bank.
e. Purchased $15,000 of land; paid $4,000 in cash and signed a mortgage note for the balance.

Required:
For each of the events (a) through (e), perform transaction analysis and indicate the account, amount, and direction of the effect (+ for increase and – for decrease) on the accounting equation. Check that the accounting equation remains in balance after each transaction. Use the following headings:
Event Assets = Liabilities = Stockholders’ Equity