Analyzing Transactions Using the Financial Statement Effects Template

Record the effect of each of the following independent transactions using the financial statement effects template provided. Confirm that Assets $=$ Liabilities $+$ Equity.

Remember to use negative signs with your answers, when appropriate.

$\backslash$table$[[$Transaction$,$Balance Sheet,Income Statement$],[$Cash Asset,$+,\backslash$table$[[$Noncash$],[$Assets$]],=,$Liabilities,$+c,,$Contrib. Capital,$+,$Earned Capital,Revenues,$-$ Expenses,,Net Income$],[1.$ Receive $$30,000$ cash in exchange for common stock.,,,,,,,,,,,,,$],[2.$ Purchase $$3,000$ of inventory on credit.,,,,,,,,,,,,,$],[3.$ Sell inventory for $$4,500$ on credit.,,,,,,,,,,,,,$],[4.$ Record $$3,000$ for cost of inventory sold in $3.,,,,,,,,,,,,,],[5.$ Collect $$4,500$ cash from transaction $3.,,,,,,,,,,,,,],[6.$ Acquire $$7,500$ of equipment by signing a note.,,,$6,,,,,,,,,,],[7.$ Pay wages of $$1,500$ in cash.,,,,,,,,,,,,,$],[8.$ Pay $$7,500$ on a note payable that came due.,,,,,,,,,,,,,$],[9.$ Pay $$3,000$ cash dividend.,,,,,,,,,,,,,$],[$TOTALS$,,+,,=,,+,,+,,,,=,]]$

Confirm Ass$$ts $=$ Liabilities $+$ Stockholders' Equity