Record the effects of the following transactions on the accounting equation. After recording the transactions, compute the ending balances of the equation to prove it balances.
1. A business received $10,000 and issued common stock.
2. Paid $2,000 monthly rent for office space.
3. Purchased $3,000 of office equipment, paying cash.
4. Purchased $500 of office supplies on account.
5. Recorded $4,000 of revenue, receiving cash.
6. Performed $1,500 of services on account.
7. Paid utilities expense of $900.
8. Collected cash from a customer on account, $1,000.
9. Borrowed $10,000 from the bank and signed a note payable.

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The Answer of Record the effects of the following transactions on the accounting equation. After recording the transactions, compute the ending balances of the equation to prove it balances.
1. A business received $10,000 and issued common stock.
2. Paid $2,000 monthly rent for office space.
3. Purchased $3,000 of office equipment, paying cash.
4. Purchased $500 of office supplies on account.
5. Recorded $4,000 of revenue, receiving cash.
6. Performed $1,500 of services on account.
7. Paid utilities expense of $900.
8. Collected cash from a customer on account, $1,000.
9. Borrowed $10,000 from the bank and signed a note payable.

Record the Effects of the Following Transactions on the Accounting