Costantino Company just started in business. The first seven transactions have been entered into and processed by the company€™s computerized accounting information system. To be sure the accounting system is operating properly, Jim Costantino, the owner, has printed out the financial statements as produced by the accounting system after seven transactions.

Required Identify the seven transactions and as much detail about each transaction as youcan.

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Assets: Liabilities and Equity: $22,850 11.000 Payable to bank Payable for equipment Owner investment Retained eamings 6,285 11,000 15,000 Total assets Total liabilities and equity 533850 $2,250 Wages Internet service (250) Net income