Period 1 Accts Fixed Accts Other Note Contributed Retained Cash + receivable + Inventory + Assets = Payable + Payables + Payable + Capital + Earnings 1. Issued stock, $20 20 2. Borrowed $50 50 3. Purchased fixed asset (stand) for $60 (60) 4. Purchased inventory on account for $16 5. Received $10 in advance for consulting service 6. Sold invent. on account (cost $12; price $28) 7. Paid expenses, $4 8. Completed 30% of consulting service 9. Depreciated fixed assets, $6 20 50 60 16 16 10 10 28 (12) 28 R (12) X (4) X (4) (3) (6) (6) X 10. Accrued interest, $5 5 11. Declared dividend, $2 2 TOTAL 3R 16 28 4 54 16 14 (5) X (2) D 50 20 2