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