The following transactions occurred during March 2013 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.
Purchased equipment at a cost of $40000. $10000 cash was paid and a note payable was signed for the balance owed.
Paid $6000 to an insurance company for fire and liability insurance for a one-year period beginning April 1 2013.
Analyze each transaction and show the effect of each on the accounting equation for a corporation. (Amounts to be deducted should be indicated by a minus sign. Enter the net
change on the accounting equation.)