The following events occurred for Johnson Company:

Received investment of cash by organizers and distributed to them 1,170 shares of $1 par value common stock with a market price of $10 per share.

Purchased $7,500 of equipment, paying $1,000 in cash and owing the rest on accounts payable to the manufacturer.

Borrowed $8,000 cash from a bank.

Loaned $600 to an employee who signed a note.

Purchased $23,088 of land; paid $10,000 in cash and signed a note for the balance.

Required:

For each of the events (a) through (e), perform transaction analysis and indicate the account, amount, and direction of the effect (+ for increase and for decrease) on the accounting equation. Check that the accounting equation remains in balance after each transaction. (If no impact on accounting equation leave cells blank.)