The following T-accounts reflect seven different transactions that Rodman Container Company entered into during 2017:

REQUIRED:

For each transaction, describe what occurred and how it affected the accounting equation.

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Accounts Receivable (a) 21,000 Cash Equipment (a) 7,000 (1) (d) 50,000 (c) (d) 20,000 1,200 (1) 2,000 5,000 5,000 (g) 25,000 (e) Notes Payable (d) 30,000 Accounts Payable Inventory (c) 2,000 (b) 6,000 (b) 6,000 Common Stock Rent Expense Sales Revenue (g) 25,000 (e) (a) 28,000 1,200