The basic accounting equation can be broken into accounts that represent a firm's assets, liabilities, and owners' equity. Desler Company had the following transactions during a recent week: Received $60,000 cash from the issuance of capital stock. Purchased equipment for $48,000. Paid $12,000 down and signed a note for the balance. Purchased $1, 200 of supplies, 20 percent cash and 80 percent on credit. Paid $7,200 on the note payable. Record these transactions in the appropriate columns shown below. Also, include account balances. Telecon, Inc., experienced the following transactions during May 2013. Prepare the appropriate journal entries to record these transactions (omit explanations)