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Complete the T-Accounts for the following event:

• Mary starts a corporation as the sole shareholder by investing $50,000. She also borrows $20,000 from the bank. The corporation then uses $60,000 to buy office equipment.
  

T-Account
Answer CashAccounts ReceivableAccounts Payable
Debit	Credit
Answer BLANK$50,000$70,000$60,000$20,000$30,000$40,000	Answer BLANK$50,000$70,000$60,000$20,000$30,000$40,000
Answer BLANK$50,000$70,000$60,000$20,000$30,000$40,000	Answer BLANK$50,000$70,000$60,000$20,000$30,000$40,000
Answer BLANK$50,000$70,000$60,000$20,000$30,000$40,000	Answer BLANK$50,000$70,000$60,000$20,000$30,000$40,000

Indicate what impact the following transactions have on the accounting equation, Assets = Liabilities + Equity.

$10,000 in sales on account	Answer +assetsassets+liabilities-liabilities	Answer +liabilities-liabilities+equity-equity
Paid $6,000 in rent with cash	Answer +assetsassets+liabilities-liabilities	Answer +liabilities-liabilities+equity-equity
Borrowed $20,000 from the bank	Answer +assetsassets+liabilities-liabilities	Answer +liabilities-liabilities+equity-equity
The owner invests $70,000	Answer +assetsassets+liabilities-liabilities	Answer +liabilities-liabilities+equity-equity

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