Heavey and Lovas Furniture Repair Service, a company with two shareholders, began operations on June 1, 2014. The following T-accounts indicate the activities for the month of June.

Required:
Explain transactions (a) through (f), which resulted in the entries in the T-accounts; that is, what activity made the account increase or decrease?

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Cash (A) Notes Receivable (A) Tools and Equipment (A) (a) 17000() 10,000 1,500 (d 50 (a 3,000 (d) 500)1500 ( 800 (e) 1,000 800 Building (A) Notes Payable (L) (e) 1,000( 40,000 Contributed Capital (SE) (b) 50,000 (a) 20,000