Perez Company had the following transactions during January:
- Jan 1 Issued $100,000 in stock to owners in exchange for cash to start the business.
- Jan 5 Borrowed $50,000 from the bank by signing a notes payable.
- Jan 10 Purchase equipment by paying cash for $25,000.
- Jan 15 Paid January rent of $2,400 for the office space (hint: since this is for January, record as rent expense)
- Jan 18 Performed services for customers and received cash immediately for $8,000.
- Jan 20 Purchased $2,000 in supplies on account.
Prepare a transaction analysis for the January transactions. Remember to prove the accounting equation at the end.
