Class 2 Debit Credit In-Class Activity Assets = Liabilities Stockholders' Equity Cash Accounts Receivable Equipment = Accounts Payable Common Stock Retained Earnings Revenues - Expenses (1) $25,000 $25,000 (2) -$ 4,000 $4,000 (3) 12,000 -$12,000 (4) 10,000 $10,000 (5) -11,000 11,000 (6) 50,000 $50,000 (7) -25,000 -25,000 (8) 1,000 1,000 Convert the above transactions presented in tabular form into journal entries. Account Amount Debit (DR) / Credit (CR) (1) Equipment 25,000 DR Accounts Payable 25,000 CR (2) (3) (4) (5) (6) (7) (8)