The analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction. ASSETS...

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The analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction. ASSETS Cash + Accounts + Equipment Receivable 1 2 Bal. $31,000+ 3 Bal. 4 Bal. 5 +31,000 +3,800 $3,800 +13,400 $31,000+ $3,800 + $13,400 +190 -190 $31,190 + $3,610+ $13,400 -410 +410 Bal. $30,780+ $3,610 + $13,810 6 -8,000 Bal. $22,780+ $3,610+ $13,810 +790 7 Bal. $23,570+ $3,610+ $13,810 8 -1,500 Bal. $22,070 + $3,610+ $13,810 LIABILITIES + Accounts + Payable +13,400 $13,400 + Lemon, Capital +31,000 $31,000 $31,000 $13,400 + $13,400 + $31,000 -8,000 $5,400 + $31,000 $5,400 + $31,000 $5,400 + $31,000 $31,000 EQUITY Lemon,+ Service - Salaries Withdrawals Revenue Expense +3,800 + $3,800 + $3,800 + $3,800 + $3,800 + $3,800 +790 + $4,590 + $4,590 - - 1,500 $1,500 The analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction. ASSETS Cash + Accounts + Equipment Receivable 1 2 Bal. $31,000+ 3 Bal. 4 Bal. 5 +31,000 +3,800 $3,800 +13,400 $31,000+ $3,800 + $13,400 +190 -190 $31,190 + $3,610+ $13,400 -410 +410 Bal. $30,780+ $3,610 + $13,810 6 -8,000 Bal. $22,780+ $3,610+ $13,810 +790 7 Bal. $23,570+ $3,610+ $13,810 8 -1,500 Bal. $22,070 + $3,610+ $13,810 LIABILITIES + Accounts + Payable +13,400 $13,400 + Lemon, Capital +31,000 $31,000 $31,000 $13,400 + $13,400 + $31,000 -8,000 $5,400 + $31,000 $5,400 + $31,000 $5,400 + $31,000 $31,000 EQUITY Lemon,+ Service - Salaries Withdrawals Revenue Expense +3,800 + $3,800 + $3,800 + $3,800 + $3,800 + $3,800 +790 + $4,590 + $4,590 - - 1,500 $1,500

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The solution is given below 1 Issuance of common stock to stockholders Explanation Cash debited incr... View the full answer