Prepare a table to summarize the following transactions as they affect the accounting equation. Use the format in Exhibit 3-1.
1. Services provided on account of $1,530
2. Purchases of supplies on account for $1,365
3. Services provided for cash of $750
4. Purchase of equipment for cash of $4,240
5. Issuance of a promissory note for $2,500
6. Collections on account for $890
7. Sale of capital stock in exchange for a parcel of land; the land is appraised at $50,000
8. Payment of $4,000 in salaries and wages
9. Payment of open account in the amount of $500