Analyze the accounting equation effects of the transactions in M2- 17 using the format shown in the chapter and compute total assets, total liabilities, and total stockholders' equity.
a. Ordered and received $ 12,000 worth of cotton candy machines from Candy Makers Inc., which Sweet Shop Co. will pay for in 45 days.
b. Sent a check for $ 6,000 to Candy Makers Inc. for the cotton candy machines from (a).
c. Received $ 400 from customers who bought candy on account in previous months.
d. To help raise funds for store upgrades estimated to cost $ 20,000, Sweet Shop Co. issued 1,000 common shares for $ 15 each to existing stockholders.
e. Sweet Shop Co. bought ice cream trucks for $ 60,000 total, paying $ 10,000 cash and signing a long term note for $ 50,000.