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  3. . record the following transactions in the financi

. Record the following transactions in the financial statements effects template below. Founder contributes...

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Accounting

. Record the following transactions in the financial statements effects template below.

  1. Founder contributes $44,000 in cash in exchange for common stock.
  2. Obtain $26,000 short-term bank loan.
  3. Purchase equipment costing $24,000 for cash.
  4. Purchase inventory costing $14,000 on account.

Balance Sheet

Income Statement

Transaction

Cash Asset

+

Noncash Assets

=

Liabil-

ities

+

Contrib. Capital

+

Earned

Capital

Rev-enues

Expen-ses

=

Net

Income

a)

=

=

b)

=

=

c)

=

=

d)

=

=

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Accounting