The following six transactions of Memphis Moving Company, a corporation, are summarized in equation form, with each of the six transactions identified by a letter. For each of the transactions (a) through (f) write a separate statement explaining the nature of the transaction. For example, the explanation of transaction (a) could be as follows: Purchased equipment for cash at a cost of $3,200.

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Assets Accounts Cash + Receivable + Equipment + Building $110,000 $110,000 $110,000 $110,000 $110,000 $110,000 $110,000 Land Payable + Capital Stock