Create a table like the one in Exhibit, using the following headings for columns: Cash; Supplies; Equipment; Land; Accounts Payable; Notes Payable; A. Carr, Capital; A. Carr, Withdrawals; Revenues; and Expenses. Then use additions and subtractions to show the effects of each transaction on individual items of the accounting equation.
a. The owner (Alex Carr) invested $15,000 cash in the company.
b. The company purchased supplies for $500 cash.
c. The company purchased $10,000 in equipment on credit (record liability as Note Payable).
d. The company purchased $200 of additional supplies on credit.
e. The company purchased land for $9,000 cash.