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What accounts are affected

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Shown below are several transactions for a corporation and what accounts are affected. Using the given dollar amounts, explain in words the transaction that took place. Use the transactions to create a balance sheet.

(a) Cash = +$8,000, Contributed Capital = +$8,000

(b) Cash = +$42,000, Note payable (short-term) = + $42,000

(c) Cash = -$2,000, Equipment +$5,000, Note payable (short-term) = +$3,000

(d) Cash = -$6,000, Note receivable (short-term) = +6,000

(e) Cash = -$1,800,  Supplies = +$1,800

Reference no: EM13508672

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