Question: Cornerstone Exercise 2-21 (Algorithmic) Transaction Analysis Morgan Inc. entered into the following transactions: a. Issued common stock to investors in exchange for $40,000 cash. b.

Cornerstone Exercise 2-21 (Algorithmic) Transaction Analysis Morgan Inc. entered into the

Cornerstone Exercise 2-21 (Algorithmic) Transaction Analysis Morgan Inc. entered into the following transactions: a. Issued common stock to investors in exchange for $40,000 cash. b. Borrowed $15,300 cash from First State Bank. c. Purchased $8,000 of supplies on credit. d. Paid for the purchase in Transaction c. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. Stockholders' Equity Liabilities Assets Contributed Retained Capital Earnings a. b. C. d

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