Analyze the accounting equation effects of the transactions in M2-19 using the format shown in the chapter, and compute total assets, total liabilities, and total stockholders' equity.
Effects Of The Transaction In M2-19
a. Blue Light Arcade received $50 cash on account for a birthday party held two months ago.
b. Agreed to hire a new employee at a monthly salary of $3,000. The employee starts work next month.
c. Paid $2,000 for a table top hockey game purchased last month on account.
d. Repaid a $5,000 bank loan that had been outstanding for six months. (Ignore interest.)
e. The company purchased an air hockey table for $2,200, paying $1,000 cash and signing a short-term note for $1,200.