Analzying transactions

LO1, 2, 3, 4 E2-47. 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. one w MBC Income Statement Balance Sheet Cash Noncash L iabil- Contrib. Earned Asset + Assets = ities - Capital * Capital Net Revenues - Expenses = Income Transaction (1) Receive $20,000 cash in exchange for common stock. (2) Purchase $2,000 of inventory on credit. (3) Sell inventory for $3,000 on credit. (4) Record $2,000 for cost of inventory sold in 3. (5) Collect $3,000 cash from transaction 3. (6) Acquire $5,000 of equipment by signing a note. II L LLL LLL LLL (7) Pay wages of $1,000 in cash. (8) Pay $5,000 on a note payable that came due. (9) Pay $2,000 cash dividend. Totals