The analysis of the transactions that Oakdale Equipment Rental engaged in during its first month of operations follows. The business buys electronic equipment that it rents out to earn rental revenue. The owner of the business, Gary Oake, made only one investment to start the business and made no withdrawals from Oakdale Equipment Rental.

Required
1. Describe each transaction of Oakdale Equipment Rental.
2. If these transactions fully describe the operations of Oakdale Equipment Rental during the month, what was the amount of net income or net loss?

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Rental G. Oake, PayableCapital +50,000 -1,000 Accounts Accounts Cash +ReceivableEquipment a. +50,000 1 C. +80,000 +80,000 +1,000 e. -2,000 f. +4,500 g. +500 -100 -2,000 4 300 -500 -5,000