Question: Basic accounting equation (Learning Objective 5 ) 510 min. Qwick Care Clinic, Inc., started a business when Dr. Hamm purchased $15,000 of common stock in

Basic accounting equation (Learning Objective 5 ) 5–10 min.

Qwick Care Clinic, Inc., started a business when Dr. Hamm purchased $15,000 of common stock in the business for cash. Before starting operations, Qwick Care Clinic, Inc., borrowed $18,000 cash by signing a note payable to 1st National Bank. Account for these two transactions in the accounting equation.

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