Complete the following schedule for Red Eye Company. Note: Enter decreases to an element of the...

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Complete the following schedule for Red Eye Company. Note: Enter decreases to an element of the balance sheet with a minus sign. Transaction Beginning balances Borrowed $20,700 cash by signing a note payable with a bank. Collected accounts receivable for cash, $7,700. Paid accounts payable, $8,700 cash. Purchased office supplies on credit, $2,700. Sold common stock, at par value, to new investors in exchange for $20,700 cash. Paid income taxes payable of $12,700. Ending balances Transaction Beginning balances Borrowed $20,700 cash by signing a note payable with a bank. Collected accounts receivable for cash, $7,700. Paid accounts payable, $8,700 cash. Purchased office supplies on credit, $2,700. Sold common stock, at par value, to new investors in exchange for $20,700 cash. Paid income taxes payable of $12,700. Ending balances Stockholders Assets $ 201,400 Liabilities Equity $ 80,700 $ 120,700 Assets Liabilities $ 201,400 $ 80,700 $ Stockholders' Equity 120,700 Complete the following schedule for Red Eye Company. Note: Enter decreases to an element of the balance sheet with a minus sign. Transaction Beginning balances Borrowed $20,700 cash by signing a note payable with a bank. Collected accounts receivable for cash, $7,700. Paid accounts payable, $8,700 cash. Purchased office supplies on credit, $2,700. Sold common stock, at par value, to new investors in exchange for $20,700 cash. Paid income taxes payable of $12,700. Ending balances Transaction Beginning balances Borrowed $20,700 cash by signing a note payable with a bank. Collected accounts receivable for cash, $7,700. Paid accounts payable, $8,700 cash. Purchased office supplies on credit, $2,700. Sold common stock, at par value, to new investors in exchange for $20,700 cash. Paid income taxes payable of $12,700. Ending balances Stockholders Assets $ 201,400 Liabilities Equity $ 80,700 $ 120,700 Assets Liabilities $ 201,400 $ 80,700 $ Stockholders' Equity 120,700