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*** Write all journal entries and then show the effect of each transaction of the accounting equation ***

Listed below ane the transactions for Katherine Company. 1. The owners invest $80,000 in the company. 2. The company purchases equipment costing $16,000. They paid $6,000 cash and settled the remainder with a note payable. 3. The company purchases inventory costing $9,600 by paying $4,200 cash and putting the remainder on account. 4. The company paid $7,200 for four months rent in advance. 5. The company sold inventory for $,700 cash The cost of the inventory was $5,000. 6. The company used one month of rent. 7. The compary dedared a cash dividend of $500. S. Depreciation expense on the equipment was $400 for the month Required: Prepare joumal entries for the above transactions Prepare and analysis of Katherne Company's transactions using the equation approach