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7. Selected transactions for the Basler Corporation during its first month of operations are presented below: Sept. 1 Issued common shares for $20.000 cash. 2 Performed $9.000 of services on account for a customer. 4 Purchased equipment for $12,000, paying $5,000 in cash and borrowing the balance from the bank 10 Purchased $500 of supplies on account. 25 Received $4,500 cash in advance for architectural services to be provided next month. 30 Paid $300 on account in partial payment of amount owing for supplies. (See September 10 transaction.) 30 Collected $5,000 on account owing from customer. (See September 2 transaction.) Instructions For each of the above transactions, do the following: 1. Prepare an equation analysis. 2. Journalize the transactions. 3. Set up T accounts, post the journal entries to the general ledger, and determine the ending balance in each account